It was reported that Australian investors lost over $30 million.
Account managers located offshore were used to engage retail investors in Australia. They provided unlicensed advice for their clients that was not in their best interest. The account managers made false and misleading representations including deceive their clients about the risk of investing in derivatives as well as which funds deposited in their accounts would generate profits.
The court found that the companies were also in breach of the Corporations Act providing misleading and deceptive information to their clients.
The investigation followed a large number of complaints from investors who suffered from the companies’ unethical conduct. Another hearing will be held to determine the penalty.
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