The Australian Securities and Investments Commission today revealed it has obtained an interim order to freeze the assets of Ashley Vincent Arandez and four companies of which he is a director.
Apart from Arandez , ASIC took actions against entities connected to him including HLK Advisers Pty Ltd, NCAA Holdings Pty Ltd, Mindenergetix Pty Ltd, and AWM Australia Pty Ltd.
The Aussie watchdog sought the order urgently due to concerns that Arandez and his four companies have allegedly carried on a financial services business without an Australian financial services licence since June 2019.
ASIC discovered that Arandez obtained $2.5 million from Australian investors based on false and misleading statements. He claimed the funds would be invested in property and cryptocurrency and used the fund in part for personal benefit and to pay returns to other investors.
The regulator acted quickly in order to personal benefit and to pay returns to other investors by Arandez, including individuals and entities who may have invested with him or paid him for financial services.
Earlier last week, ASIC revealed that former financial adviser was convicted and fined $1500 for breaching an ASIC banning order.