ASIC warns on cold-calling after scams
Secured Collateral, Diversified Collateral and Intra Management, and their sole directors were running unlicensed and fraudulent businesses between May and October last year, according to the Australian Securities and Investments Commission.
However, the court did not declare the companies carried on financial services without the appropriate licence, and did not grant ASIC injunctions to stop the companies or directors from promoting their activities on the internet.
ASIC investigated Secure Private Wealth and found it used cold calling and a website to "induce investors to deposit funds into the accounts of Secured Collateral, Diversified Collateral and Intra Management". "ASIC and state and territory police services continue to warn consumers to be alert to investment fraud having seen an increase in this activity over the last 12 months," the regulator said.
Frequently Asked Questions about this Article…
ASIC says it wound up three Gold Coast-based scams — Secured Collateral, Diversified Collateral and Intra Management — which together took about $1 million from investors. The regulator found the companies and their sole directors were running unlicensed and fraudulent businesses between May and October last year.
According to ASIC’s investigation, Secure Private Wealth used cold calling and a website to induce investors to deposit funds into the bank accounts of Secured Collateral, Diversified Collateral and Intra Management.
The corporate watchdog estimates the three scams took about $1 million from investors.
No. The court did not declare the companies had carried on financial services without the appropriate licence, and it did not grant ASIC injunctions to prevent the companies or directors promoting their activities on the internet.
Yes. ASIC and state and territory police services have warned consumers to be alert to investment fraud, noting an increase in cold-calling and related activity over the past 12 months.
Be wary of unsolicited cold calls about investment opportunities, websites that push you to deposit funds immediately, and requests to transfer money into unfamiliar company accounts. The scams in this case combined cold calling with a website to induce deposits.
The article highlights ASIC and state and territory police services as the authorities warning about and investigating these scams. If you suspect fraud, contacting ASIC and your local police is a recommended first step.
Not necessarily. While ASIC described the businesses here as unlicensed and fraudulent, the court in this matter did not declare that the companies carried on financial services without the appropriate licence.
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