ASIC seeks to freeze assets of company director
The Australian Securities and Investments Commission (ASIC) has sought to freeze the assets of Ashley Vincent Arandez who is alleged to have obtained $2.5 million from investors by suggesting their funds would be invested in property or cryptocurrency.
The regulator had obtained urgent interim orders for Arandez and the four companies of which he is a director in order to preserve funds available for people who might have been harmed by his actions.
It was concerned Arandez and/or his four companies allegedly:
- Carried on a financial services business, since June 2019, without holding an Australian financial services licence;
- Obtained approximately $2.5 million from Australian investors based on false and misleading statements, including by suggesting their funds would be invested in property and cryptocurrency; and
- Misused investor funds, at least in part, for personal benefit and to pay returns to other investors.
The four companies that ASIC has sought orders against were:
- HLK Advisers Pty Ltd, as trustee for The HLK Trust,
- NCAA Holdings Pty Ltd, as trustee for The NCAA IP Trust,
- Mindenergetix Pty Ltd, as trustee for The Mindenergetix Trust, and
- AWM Australia Pty Ltd, as trustee for The AWM Australia Trust, (together, the Defendants)
Any person who was concerned they have received financial services from, or invested with Arandez or one of the above companies could contact ASIC at [email protected]
AUTHOR
Laura Dew
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
