Australian Watchdog Revokes NZGFT License for Deceptive Claims
- Its Chinese website promoted "Guaranteed Capital with Bonus Scheme" plan and that "Expert Advisors masters can get $1 million US dollar".
The Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) has cancelled the Australian financial service licence (AFSL) of LSG Group Pty Ltd, following an investigation. Formerly known as NZ Global Financial Trading, Easy Capital Global and AIFA Global, the firm operated two websites (www.nzgft.com.au and www.nzgft.com - the latter a Chinese website).
Among the findings of ASIC is that the firm made misleading or deceptive representations on its Australian website concerning products it offered, including a "Guaranteed Capital with Bonus Scheme Plan" and a "Cash Dividend Plan". It also made misleading or deceptive representations on its Chinese website including a promotion titled "Win Double Profit for Expert Advisors Real Account. Expert Advisors masters can get $1 million US dollar".
Additionally found by ASIC is that the brokerage also failed to do all things necessary to conduct financial services in an efficient, honest and fair manner in relation to a deposit of US$100,000 received from an overseas client.
"It is vital that AFSL holders comply with their reporting requirements to ensure that creditors and investors who use financial reports, have the proper information to make informed decisions." ASIC Commissioner Greg Tanzer said.
"Licensees will not be absolved of their Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term, including those relating to previous or ongoing breaches by a change in control or ownership. Any prospective new owners and managers should ensure they conduct adequate due diligence before acquiring a licence and assume responsibility of the licensee's obligations."
The Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) has cancelled the Australian financial service licence (AFSL) of LSG Group Pty Ltd, following an investigation. Formerly known as NZ Global Financial Trading, Easy Capital Global and AIFA Global, the firm operated two websites (www.nzgft.com.au and www.nzgft.com - the latter a Chinese website).
Among the findings of ASIC is that the firm made misleading or deceptive representations on its Australian website concerning products it offered, including a "Guaranteed Capital with Bonus Scheme Plan" and a "Cash Dividend Plan". It also made misleading or deceptive representations on its Chinese website including a promotion titled "Win Double Profit for Expert Advisors Real Account. Expert Advisors masters can get $1 million US dollar".
Additionally found by ASIC is that the brokerage also failed to do all things necessary to conduct financial services in an efficient, honest and fair manner in relation to a deposit of US$100,000 received from an overseas client.
"It is vital that AFSL holders comply with their reporting requirements to ensure that creditors and investors who use financial reports, have the proper information to make informed decisions." ASIC Commissioner Greg Tanzer said.
"Licensees will not be absolved of their Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term, including those relating to previous or ongoing breaches by a change in control or ownership. Any prospective new owners and managers should ensure they conduct adequate due diligence before acquiring a licence and assume responsibility of the licensee's obligations."