Noting suspicious ‘investment opportunities’ offered by Hong Kong-based Cambridge Asset Management, ASIC has raised concerns for local consumers who are invested in these funds.
The corporate regulator has received reports that Australian consumers who invested their superannuation through www.cambridgeassetmanagement.com were unable to withdraw the funds they invested and were told by the website operators to pay additional amounts on tax to withdraw their funds “due to ASIC action.”
“ASIC refutes this statement as we will never demand the payment of taxes for the release of investment funds held with financial services firms,” ASIC stated.
It raised concerns that the entity was misleading consumers with false representations of an association with ASIC and making false statements that ASIC is demanding payment of taxes before their funds could be released.
On its website, Cambridge Asset Management promises to “change the modern way of trading.”
It mentions its online academic for young, intermediate and even expert traders “that provides a step-by-step knowledge sessions combined with 1 on 1 personal consultation to always stay ahead.”
“Our mission is successfully accomplished on a daily base for the past seven years for thousands of traders from around the world who already made a significant change in the way the profit from online trading,” the website read.
It lists a company address in London; however, ASIC said the website is allegedly run by a Hong Kong entity, Cambridge Asset Management, that is operating out of Hong Kong.
ASIC added: “The operators of www.cambridgeassetmanagement.com are promoting various investment plans in leveraged financial products on the website. The operators do not have an Australian financial services (AFS) licence and are not authorised to operate a financial services business in Australia.”
It said it has sufficient information at this stage and consumers do not need to lodge a report, however ASIC encourages investors to report these money transfers to their financial institution and contact IDCARE, a free government-funded service, which can help develop a specific response plan if identities has been compromised.
“Be aware that scams may change their details so they can pretend to not be associated with warnings from ASIC and others. If in doubt, consider speaking to an AFS licensee to get advice,” ASIC added.
