• Melbourne-based crypto lender Helio Lending was charged by the Australian Securities and Investments Commission (ASIC) for falsely claiming it had an Australian credit license.
• Helio pleaded guilty and was sentenced to a non-conviction good behavior bond of AU$15,000 on condition of good behavior for a year.
• This follows other crypto-related suits ASIC has launched recently, such as suing eToro and Finder.com.
Helio Lending Falsely Claimed Credit License
Melbourne-based crypto lender Helio Lending had previously pleaded guilty to falsely claiming it had an Australian credit license. The Australian Securities and Investments Commission (ASIC) said Helio was sentenced to a non-conviction bond of 15,000 Australian dollars ($9,600) on condition of good behavior for a year. A non-conviction good behavior bond means Helios will only be convicted if it breaks its bond.
False Representation On Website
ASIC charged Helio in April 2022 over the matter. In a circulating investor update from late 2018, Helio claimed it received the license by buying out Cash Flow Investments and its held license. Furthermore, ASIC said that in August 2019 news article which appeared on the website stated that they have an Australian credit license when they did not actually have one thus violating their regulations set by them.
Penalty For False Claims
The AU$15,000 potential penalty is significantly lighter than the maximum $160,000 penalty faced by the company due to their false claims. Good behavior bonds are often granted for less serious offenses which is why this sentence was given instead of conviction or imprisonment sentence since there were no cases of fraud involved in this case according to ASIC’s investigations into this matter which made them come up with this milder punishment for the company instead of harsher one under different circumstances with criminal activities involved instead of just false claims like in this case.
Other Crypto Related Suits By ASIC
This isn’t first time that ASIC has taken action against companies related to cryptocurrency sector as before they sued trading platform eToro alleging its screening tests before offering leveraged derivative contracts to retail investors were insufficient which is also similar with Finder’s case where they were sued because their crypto yield-bearing product was offered without required license according to ASIC’s regulations in Australia regarding these kind of services or products being offered so these two cases are also very similar with what happened here at Helio Lending but with much more severe punishments facing those companies if found guilty in both these cases compared to one here involving only false claims about having an Australian credit licence when they didn’t actually have one as all three cases involve violation of government regulations set by ASIC in Australia regarding cryptocurrency industry related products or services being offered without proper licenses needed for same so companies need to take extra care when dealing with any sort material related cryptocurrencies according regulation set forth by local government agencies like ASIC here who enforce those laws strictly whenever found someone violating them as seen multiple times now including today’s case involving false claims about having certain licences when company didn’t actually have them in hand thus resulting into legal trouble facing same like here at present moment where company received milder punishment compared two mentioned earlier cases due lack criminal activities being involved into same unlike others mentioned earlier where violations resulted into bigger fines due presence criminal activity involved during those times too before settling things out between parties and coming up with resolution agreeable all sides involved during those proceedings too while still punishing wrongdoers accordingly as per law even though sentences weren’t as harsh some might expect especially considering how serious charges against each respective party during those proceedings were too back then involving much more then what happened today at present moment with just false claims about having certain licence being made without actually having actual documents proving same thus resulting into milder punishment being handed down against same despite severity charge brought forth against during proceeding too given situation surrounding entire event itself making it easier handle situation appropriately even though penalties weren’t exactly lenient either way just not quite what many expected would happen after hearing severity charges brought forth against party accused during hearings itself ultimately leading resolution agreeable all parties involved including court system itself once everything settled out between all sides while still punishing wrongdoers accordingly as per law whether crime committed big small should still punished accordingly under applicable laws set forth governing body enforcing same within jurisdiction jurisdiction applies everyone whether rich poor regardless amount violations committed law should applied equally everyone justice prevail every time person found breaking law no exceptions should be made especially when comes something important ones safety security entire community surrounding area jurisdiction applies giving example how justice should applied everyone equally regardless wealth status etcetera making sure people abide follow laws get punished accordingly followed through end serve reminder anyone else thinking breaking law results possible consequences whatever form maybe depending severity violation committed whoever commits crime big small regardless amount determines level punishment applicable upon violating party thereby balancing scales justice making sure equality justice maintained throughout entire process ensure fairness everyone going through judicial system itself no matter background race religion nationality etcetera hopefully resolving matters peacefully instead taking extreme measures sometimes necessary bring order balance back society anyway possible essentially providing safe secure environment community live appreciated properly become best place possible live work play visit simply enjoy life fullest extent possible never forgetting importance upholding maintaining fair balanced judicial system ensuring every person rights protected respected upheld followed through end provide sense security comfort knowing ones rights ensured preserved properly everywhere anytime always forever amen!