The maximum penalty for each offence is five years of imprisonment.

In a statement on Tuesday, the corporate regulator explained that the charges follow an investigation into conduct by Mr Hala where he promised consumers annual returns of at least 10-20 per cent in investments that included crypto assets in a company directed by him, A One Multi Services.

The regulator said Mr Hala encouraged consumers to establish an SMSF and to roll over their existing superannuation into the SMSF and invest it with Mr Hala’s company.

Mr Hala is currently on bail with the matter scheduled for further mention on 15 April.

Back in 2021, ASIC obtained court orders against Mr Hala preventing him from disposing of, dealing with or otherwise diminishing certain assets. ASIC also obtained court orders against A One Multi Services.

At the time, the regulator alleged that between 1 January 2019 and 30 June 2021, approximately $25 million was deposited into the business’ accounts by over 60 consumers and that Mr Hala used more than $5.7 million of the money for his and fellow director Heidi Walters’ personal benefit, including acquiring property and luxury cars in their names.

Since then, court-appointed receivers have been unable to recover a large portion of assets provided to A One Multi Services by various investors, particularly those that were transferred to crypto assets.