ASIC also discovered that Marsh made misleading statements to clients. He promised they would make profits trading with Forex CT when actually CFD is a relatively high-risk investment. Marsh also promised that risk the of trading losses is reduced if clients made increased deposits in their trading accounts while in reality increasing deposits is placing more money at risk.
Marsh also engaged in high pressure sales strategies and unfair practices to encourage clients to make deposits or delay clients withdrawal of their funds from their trading accounts.
In May ASIC cancelled Forex CT’s Australian financial services (AFS) licence after finding that the company’s business model was disregarding their licence obligations. Moreover, it resulted in misleading conduct.
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