The watchdog said it has no evidence that any Australian credit licence application forms or any attachments were opened or downloaded. ASIC also said that as a precaution, it has disabled access to the affected server. The Commission is looking at alternative arrangements for submitting credit application attachments which will be implemented soon. There is…
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Consumers have alerted the Australian watchdog that they have been unable to get their money back after investing through this entity. ASIC stated that it is “particularly concerned” about the risk this poses to consumers and investors to lose money when buying into fake crypto-assets. The regulator warned that cryptocurrency investment scams are on the…
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On 8 January 2019 the Australian watchdog suspended the Halifax AFS licence until 10 January 2020. The suspension followed the appointment of Morgan Kelly, Stewart McCallum and Phil Quinlan of Ferrier Hodgson as joint voluntary administrators of Halifax on 23 November 2018. On 20 March 2019 at the second creditors meeting it was decided to…
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The former Syndey financial advisor pleaded guilty to a charge that, between June 2011 and April 2012, he used his position as a director dishonestly, with the intention of gaining advantage for either himself or Flowers Financial Management, by causing the transfer/withdrawal of $179,500 of seed capital. Flowers also pleaded guilty to a charge that,…
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The Australian Securities and Investments Commission (ASIC) announced raising civil proceedings in Federal Court against Union Standard International Group Pty Ltd (trading as usgfx) and its former corporate authorised representatives, Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred). The UK Financial Conduct Authority announced making the…
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ASIC stated that EuropeFX and TradeFred: provided personal advice to clients without licence to do so; made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect; failing to adequately explain or disclose to clients the risks involved in investing…
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The Vanuatu Financial Services Commission regulated broker noted that 50% of the withdrawals have been processed so far and the company continues to work to process the rest of them. USG stated that it expects all of the funds to be processed and refunded by the end of March 2021. Earlier this year, the USGFX…
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The company also failed to lodge its audited accounts for the 2017-19 financial years. Companies holding an AFS licence must lodge their financial statements and auditor’s reports annually. ASIC decided to cancel Selectinvest’s licence because the company failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA) and had failed…
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ASIC alleges that Bigatton served as a Australian National Representative of an online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform between 14 August 2017 and 18 January 2018. ASIC claims Bigatton operated an unregistered managed investment scheme known as the BitConnect Lending Platform in Australia and that he provided unlicensed financial advice…
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He was also charged with six counts of making a statement that was a maximum penalty of two years’ imprisonment and/or a fine of $21,000 for each of them. He also received five counts of to fraud with maximum penalties varying between 14 and 20 years’ imprisonment. Read more: ASIC investigation leads to eight years’…
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