Gallop slapped with injunctions by Federal Court
The Federal Court has granted ASIC’s application for interim injunctions against Gallop International Group (GIG), Gallop Asset Management (GAM) and Ming-Chien Wang.
ASIC argued that GIG, GAM and Wang were running an unlicensed financial services business. Neither GIG or GAM currently hold an Australian Financial Services licence (AFSL). As such, they were not authorised to provide financial services in Australia.
The interim orders freeze GIG, GAM and Wang’s bank accounts and restrain them from carrying on a financial services business in Australia without holding an AFSL. GIG and GAM’s websites, which promote trading in forex, metals and contracts for difference, must also be deactivated.
The interim orders will remain in force until further orders are made. The matter is listed in the Federal Court for further directions on 23 November.
ASIC’s investigation into the matter continues.
Recommended for you
The Federal Court has issued its verdict in ASIC's first greenwashing case against Vanguard Investments Australia regarding the use of ESG exclusionary screens.
Investment managers who plan to implement artificial intelligence in the next five years expect to see increased productivity, but views are mixed on whether it will boost revenue and assets under management.
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Private markets expertise is sought-after for investment operations hires as allocations to alternative assets rise, according to a recruitment firm, but there is a gap between demand and supply.