ob体育 has obtained declarations and orders in the South Australian Registry of the Federal Court against Australia AFT Finance Market Pty Ltd (AFT), now known as Stone Assets Management Pty Ltd. AFT promoted trading in contracts for difference (CFDs) via the websites www.aftfx.com and www.aftfx.com.au.
AFT does not hold an Australian financial services (AFS) licence and is not authorised to provide financial services in Australia.
On 19 June 2012, the Court made declarations that AFT had contravened various sections of the Corporations Act by carrying on a financial services business without holding an AFS licence, and by making false or misleading statements to encourage people to buy financial products.
The Court also ordered AFT be wound up, Hilary Orr be appointed liquidator and AFT pay ob体育鈥檚 costs.
ob体育 Commissioner Peter Kell said businesses providing financial services in Australia had to hold an AFS licence so that ob体育 could monitor the industry and ensure people are provided with accurate information in a fair and honest way.
鈥榦b体育 took this action because AFT was providing financial services without a licence. These orders and declarations will help to protect consumers from being misled by the false claims on the website operated by AFT,鈥� Mr Kell said.
Background
On 4 November 2011, ob体育 obtained interim orders freezing money held in bank accounts operated by AFT and restraining AFT from marketing any financial product and providing any financial product.
On 27 December 2011, AFT changed its name to Stone Assets Management Pty Ltd.
AFT was incorporated in Australia but ob体育 was concerned that its sole director has never been a resident of Australia.
ob体育 was also concerned the content of www.aftfx.com.au and www.aftfx.com contained false statements including that AFT 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, ob体育 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.