The Australian Securities and Investments Commission (ASIC) is alerting investors about suspicious website limestonefx.com, as the corporate regulator will not be able to help reclaim lost funds as it is hosted overseas.
The website falsely claims it was an authorised representative (AR) of Baileyhenry Capital Group, which was an Australian financial services licence (AFSL), and had advised ASIC it had no connection to.
Although the corporate regulator was unable to assist in recovering any funds, it recommended contacting the financial institution the transaction was charged to.
It had received reports from people who had invested via the website and said they were unable to withdraw their investments.
ASIC said potential victims no longer needed to lodge a report as it had sufficient information at this time.
“ASIC encourages investors to obtain independent financial advice before investing, and to check ASIC’s registers to see if the entity you’re dealing with holds an AFSL. However, unscrupulous operators sometimes impersonate AFSLs,” ASIC said.
“You should check that the contact details you’ve been given for the entity, corresponds with publicly available details for the licensee, and confirm with the licensee that the communications in fact originated from them.
“You should also consider where you are sending your funds. An AFSL must ensure that investor funds:
- Are paid into an account held in the name of the provider of the financial services;
- Are paid into accounts held with an Australian authorised deposit-taking institution (such as a bank); and
- Are held in a trust account.”