ASIC obtains orders against Australia AFT Finance Market
The Australian Securities and Investments Commission (ASIC) has obtained interim orders in the Federal Court in Adelaide against Australia AFT Finance Market Pty Limited (AFT).
According to ASIC, AFT is currently running an unlicensed financial services business and previously operated a website that promoted trade in forex, metals and contracts for difference (CFDs) through the MetaTrader 4 platform.
The regulatory body also stated that it is concerned that the contents of AFT's website contained false statements that the company was established as a result of the merger between Adelaide Finance Market Co Limited and Brisbane Financial Securities Co. Limited. No companies with those names have been incorporated in Australia, ASIC's investigation found.
The commission is also concerned that while AFT is incorporated in Australia, the company's sole director appears to have never been a resident of Australia.
The court orders obtained on 4 November restrain AFT from marketing any financial product and providing any financial product advice. The orders have also frozen over $180,000 currently held by the company in a foreign exchange account, ASIC stated.
ASIC stated that the matter would return to court on 8 December 2011.
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