New scam targets Australian investors
A new cold calling operation is threatening Australian investors, this time in the form of alleged scammers posing as representatives of a non-existent United States brokerage firm.
The Australian Securities and Investments Commission (ASIC) is investigating the firm, Millennium Futures, which it suspects is using the identity of a legitimate non-clearing member firm of the New York Mercantile Exchange.
Millennium Futures claims to be a member of the non-existent New York Petroleum Option Exchange and a full-service brokerage firm dealing in commodity, futures and options trading.
However, Millennium Futures is not registered with ASIC and is therefore not authorised to provide financial services in Australia.
Complaints regarding Millennium Futures or other investment scams should be lodged with ASIC.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
