New scam targets Australian investors
A new cold calling operation is threatening Australian investors, this time in the form of alleged scammers posing as representatives of a non-existent United States brokerage firm.
The Australian Securities and Investments Commission (ASIC) is investigating the firm, Millennium Futures, which it suspects is using the identity of a legitimate non-clearing member firm of the New York Mercantile Exchange.
Millennium Futures claims to be a member of the non-existent New York Petroleum Option Exchange and a full-service brokerage firm dealing in commodity, futures and options trading.
However, Millennium Futures is not registered with ASIC and is therefore not authorised to provide financial services in Australia.
Complaints regarding Millennium Futures or other investment scams should be lodged with ASIC.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
