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 AFCA urging financial advisers to report instances of misconduct, Assured Support has broken down the red flags to be aware of in your own business.
The Federal Court has made orders freezing the assets of an individual allegedly associated with marketing Shield and First Guardian Master Funds.
The FAAA and other industry groups have responded to ASIC’s proposed relief under the reportable situations regime, making several recommendations to reduce “unnecessary regulatory burden”.
ASIC has applied for Falcon Capital to enter liquidation in the Federal Court as it continues its investigation regarding allegations customers were encouraged to roll over their super into its First Guardian fund.
