ASIC acts on dodgy websites
The Australian Securities and Investments Commission (ASIC) has shut down four websites claiming to offer online financial services because they provide misleading information about their businesses and other misconduct.
ASIC’s action since late 2010 also resulted in the cancellation of the Australian Financial Services Licence (AFSL) for one firm and the winding up of another.
Firms involved were AC Trading Co Pty Ltd, Macro Dealing Advisory Pty Ltd, Hedge Securities and Investments Pty Ltd and Guardian Wealth.
AC Trading passed itself off as US-based and invited individuals to open and deposit funds into an account for the purpose of buying and selling foreign exchange contracts and shares. ASIC shut down its online operations in December 2010 and a liquidator was appointed this week.
Macro’s website was closed down after complaints from two China-based investors relating to its online trading facility.
Hedge Securities and Investments, which conducted Australian share and commodity trading, had its AFSL cancelled after the regulator became aware of the company falsely stating on its website that it was a member of the Financial Industry Complaints scheme. Hedge’s website contained links to an information memorandum on an associated website that also included a number of false claims.
ASIC received around 20 complaints relating to the Guardian website, which is based in the US but falsely claims to be based in Australia and quotes a false AFSL number. ASIC is working with US regulators to have the site closed down, ASIC stated.
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
