Federal Court orders wind-up of Australia AFT Finance Market
The Australian Securities and Investments Commission (ASIC) has obtained declarations and orders in the South Australian Registry of the Federal Court against Australia AFT Finance Markets (AFT).
The company - which changed its name to Stone Assets Management on 27 December last year - had promoted trading in contracts for difference through its websites without holding an Australian financial services licence, according to ASIC.
On 19 June 2012, the court made declarations that AFT had contravened various sections of the Corporations Act by carrying on a financial services business without a proper licence and by making false and misleading statements to encourage people to buy financial products.
The court ordered AFT be wound up, Hilary Orr be appointed liquidator, and AFT pay ASIC's costs.
Before the court orders, ASIC had been concerned AFT's sole director had never been a resident of Australia, and the company's websites contained a number of false statements including that AFT was formerly named Adelaide Finance Market before it merged with another company named Brisbane Financial Securities.
An ASIC investigation determined that no companies with those names have ever been incorporated in Australia.
Similarly, a number of other claims on AFT's websites are the same as those found on the website of Australia NFT Finance Market - a company that is not incorporated Australia.
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
