ASIC releases charlatan black-list
A list containing names of prominent scamsters has been released to consumers by the corporate watchdog in response to what it states has been a sharp rise in proceedings against crooked investment businesses over the past year.
The Australian Securities and Investment Commission (ASIC) black-list, which has been posted on the regulator’s consumer website, contains the names of the 60 companies and people who’s operations have been shut down by ASIC since July 2003.
“In the past six years alone, ASIC estimates Australians have lost at least $300 million, including superannuation savings, from putting their money into the hands of illegal schemes and unlicensed operators that ASIC has closed down,” ASIC executive director consumer protection Greg Tanzer said.
“This list has been developed to warn people against giving money to unlicensed operators which is the only way to avoid the investment disasters that frequently result from incompetently run, unlicensed or fraudulent schemes.”
Names and schemes appearing on the list, which will be updated by ASIC every six months, include Geoffrey Dexter’s Wattle scheme, Karl Suleman’s Froggy scheme and Peter Leslie Ambrosy’s Infomercial Product Distribution scheme.
Tanzer also called for consumers to make sure the manager of any investment scheme they are interested in holds an Australian Financial Services License or at least represents a licensed holder.
“If you want someone to manage your money, always use a licensed financial services business. There are plenty of licensed managers operating reputable schemes that have rewarded investors well,” said Tanzer.
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