ASIC Takes Action Against Ponzi Schemes

The Financial Commission / Regulatory Actions / ASIC Takes Action Against Ponzi Schemes

According to the latest notice from the Australian Securities and Investments Commission (ASIC), the regulator has acted upon two “Ponzi schemes” and the Australian Federal Court has made restraining orders against two companies believed to be engaged in such Ponzi activity.

According to ASIC, the AU government has arrested Matthew Alan Beresford and has frozen the websites and bank accounts of Maxwell Financial Services and Asset Capital Holdings, which were reportedly founded by Beresford. The regulator says that both companies were operating without an Australian Financial Services License (AFSL), although one of the companies claimed that such licensing was granted.

The regulator also believes that Mr. Beresford allegedly raised investor funds using both of the firms and that “a significant amount of money raised from retail investors has been dissipated.” The regulator has instructed all investors who may have lost money associated with this matter to report misconduct to ASIC via ASIC’s website.

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