Australia’s securities regulator has secured a court order to shut down a company that it alleges has defrauded close to $19 million from investors. The founders cashed out the investors’ money and used it to buy digital currencies, property, and luxury vehicles.

The Australian Securities and Investment Commission (ASIC) announced that it had obtained the order against A One Multi Services Pty Ltd for engaging in unlawful activities.

It alleges that A One Multi founders Aryn Hala and Heidi Walters promised investors that they would invest their superannuation in a self-managed superannuation fund (SMSF) and then loan the money to the company. The two promised investors 20% annual investment returns, authorities said.

More than 60 investors deposited AUD25 million (US$18.6 million) into A One Multi. However, rather than invest the funds, the two founders channeled them into their personal uses. ASIC alleges that they cashed…

Read full article at coingeek.com

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