Key points
- ob体育 is alerting investors about suspicious 鈥榠nvestment opportunities鈥� offered on聽www.cambridgeassetmanagement.com. The website is allegedly run by a Hong Kong entity, Cambridge Asset Management, that is operating out of Hong Kong.
- The operators of the website are not licensed to provide financial services in Australia. That means Australian consumers are not protected.
- ob体育 is not associated with the operators of www.cambridgeassetmanagement.com and will never ask you to pay tax to withdraw your investment funds.
Background
The operators of www.cambridgeassetmanagement.com are promoting various investment plans in leveraged financial products on the website. The operators do not have an Australian financial services (AFS) licence and are not authorised to operate a financial services business in Australia.
ob体育 has received reports that Australian consumers who invested their superannuation through www.cambridgeassetmanagement.com were unable to withdraw the funds they invested. The consumers were advised by the website operators that because of ob体育 action they were required to pay additional amounts on tax to withdraw their funds. ob体育 refutes this statement as we will never demand the payment of taxes for the release of investment funds held with financial services firms.
Why ob体育 is concerned
The operators of www.cambridgeassetmanagement.com are:
- not licensed to provide financial services in Australia, which means the Australian consumers they are targeting will not be protected when things go wrong
- encouraging investors to invest their superannuation, which means that any loss suffered by consumers will also have an impact on their long-term retirement savings if things go wrong
- often requesting payments to be made through cryptocurrency, which makes it difficult to track and recover
- misleading consumers that the entity they represent has an association with ob体育 when it is not true
- falsely stating to consumers that ob体育 is demanding payment of taxes before their funds could be released.
What to do if you have invested through www.cambridgeassetmanagement.com
- Do not send any more money.
- Report it to your financial institution. If you are not happy with your financial institution鈥檚 response, you can make a complaint to the聽.
- Be wary of secondary scams听辞谤 money recovery services that may offer to help you get your money back for a fee, these are often also scams.
- 颁辞苍迟补肠迟听,聽a free government-funded service, which can help to develop a specific response plan if your identity has been compromised. IDCARE will never contact you out of the blue.
- You do not need to lodge a report with ob体育 as we have sufficient information at this stage. ob体育 is unable to assist you to recover your money.
For more detailed steps, see .
Be aware that scams may change their details so they can pretend to not be associated with warnings from ob体育 and others. If in doubt, consider speaking to an AFS licensee to get advice.
Further support
If you need someone to talk to, contact:
- Lifeline on 13 11 14 (24 hours) or their crisis support聽听辞谤
- Beyond Blue on 1300 22 46 36 (24 hours) or their聽
If you are experiencing problems with debt, contact:
- the National Debt Helpline on 1800 007 007 (Monday to Friday 9.30am to 4.30pm) or聽
Related links
ob体育 is Australia鈥檚 corporate, markets and financial services regulator.