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ASIC alleges millions shifted by Gold Coast financial company

Business

ASIC has moved against its second Gold Coast company in a week after getting Federal Court orders to shut down an unlicensed financial services business.

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It has also imposed a three year ban on Queensland investment adviser Keith Robert McDermott.

The three-year ban also prohibits McDermott from managing, supervising or auditing the provision of financial services and prohibits him from the provision of training about financial services and products after it found he recommended investment that did not much the clients’ risk profile.

In relation to A One Multi Services Pty Ltd, ASIC said the company was suspected to be engaging in unlawful activity and it obtained interim orders and injunctions from the Federal Court against the company and its its Gold Coast-based directors Aryn Hala and Heidi Walters to protect investors.

It follows actions taken by ASIC against a Gold Coast timeshare business earlier this week. 

ASIC alleged Hala told investors he could help them invest their superannuation in a self-managed superannuation fund and then loan the money in their SMSF to A One Multi. It claimed Hala told investors that they would receive annual investment returns of more than 20 per cent.

ASIC claimed more than 60 consumers deposited approximately $25 million into A One Multi’s accounts and Hala had used more than $5.7 million of A One Multi’s money for his and Walters’s personal benefit, including through acquiring real property and luxury vehicles in their names. It alleged another $2.4 million was been transferred from A One Multi to buy crypto-assets.

The Federal Court has issued orders putting A One Multi into the receivership, imposed asset preservation orders against Hala, Walters and A One Multi, and ordered Hala to transfer crypto-assets in his name to the receivers.

Travel restraint orders against Hala and Walters were also made.

ASIC’s investigation into Hala, Walters and A One Multi remains ongoing.

 

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