Australian Authorities Crack Down on a Clone and Two Unregulated Brokers

Financial regulator Australian Securities and Investments Commission (ASIC) starts its crackdown on unregulated brokers. Posted on the authority's website is an official warning about three illegally operating companies: a Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term of AGM Markets, OT Markets, and Ozifin.

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These firms' activities in Australian territory have been unsanctioned by authorities. After several consumers raised red flags, the financial services Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term authority launched an investigation, which resulted in a court order that puts restrictions on these firms operations in Australia.

The Federal Court issued orders that restrain the entities from removing their assets from Australia and bar them from disposing of their property.Their assets are now frozen in two specified bank accounts.

The ASIC crackdown also includes two unnamed individuals. They are involved with the clone of AGM Markets and OT Markets and are barred from leaving Australia without the Federal Court's consent.

Aggressive Sales Operations

Aside from the clone of AGM Markets, the other entities mentioned by the ASIC have been operating the OT Capital brands (otcapital.com, otcapital.net.au, and otcapital.info) and tradefinancial.com.au.

ASIC concerns revolve around these entities offering personal advice to retail investors. Without licenses from the AFSL, the clone company is damaging the officially licensed one, AGM Markets. The fraudulent entities are seen as engaging in misleading and deceptive conduct.

As a result of this conduct the ASIC issues a warning to potential investors. The regulator sought the injunctions to protect investor funds while an on-going ASIC investigation continues.

The regulator urges these firms' clients to report information to ASIC on the clone of AGM Markets, OT Markets and/or Ozifin, on 1300 300 630 or go to www.asic.gov.au/complain.