Australian Regulator Identifies New Companies on Warning List

The Financial Commission / Regulatory Actions / Australian Regulator Identifies New Companies on Warning List

The Australian Securities and Investments Commission (ASIC) has updated its warning list of unregistered firms providing services to residents. The companies in question are GG Capital Group Limited (trading as BlueLexus), UCI-Limited and Fibonetix. The regulator also identified Hertford Group Hong Kong, although it is unclear if this company is still providing services, as its website has been unavailable.

ASIC states: “ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”

The news comes as more reports and statistics are being published in regulated jurisdictions regarding the amount of money lost to financial fraud and scams. It is important to see further action on the part of authorities to warn residents of known scams in order to protect investors.

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