ASIC Advisory 11-253: ASIC obtains orders against Australia AFT Finance Market Pty Ltd

11-253AD ASIC obtains orders against Australia AFT Finance Market Pty Ltd

Monday 14 November 2011


ASIC has obtained interim orders in the Federal Court in Adelaide against Australia AFT Finance Market Pty Ltd (AFT), a company that operated the website www.aftfx.com.au promoting trading in forex, metals and contracts for difference (CFDs) through the use of the MetaTrader 4 platform.

The orders were obtained because AFT is carrying on an unlicensed financial services business.

The orders obtained restrain AFT from marketing any financial product including MetaTrader 4 and providing any financial product advice.

The court orders have also frozen over $180,000 currently held in a foreign exchange account held by AFT.

ASIC obtained the orders on 4 November 2011.

The matter will return to court on Thursday 8 December 2011.

Background

AFT is incorporated in Australia but ASIC is concerned that its sole director appears to have never been a resident in Australia.

ASIC is also concerned that the content of the website, www.aftfx.com.au , contained false statements including that it was formerly named Adelaide Finance Market Co Ltd and, after merging with a company named Brisbane Financial Securities Co. Ltd, changed its name to AFT Finance Market Holdings Limited. No companies with those names have been incorporated in Australia.

During its investigation, ASIC identified another website, www.nftfx.com, relating to a company called Australia NFT Finance Market Pty Ltd which contains many of the same claims as the AFT website. Australia NFT Finance Market Pty Ltd is not a company incorporated in Australia.