Gallop slapped with injunctions by Federal Court
The Federal Court has granted ASIC’s application for interim injunctions against Gallop International Group (GIG), Gallop Asset Management (GAM) and Ming-Chien Wang.
ASIC argued that GIG, GAM and Wang were running an unlicensed financial services business. Neither GIG or GAM currently hold an Australian Financial Services licence (AFSL). As such, they were not authorised to provide financial services in Australia.
The interim orders freeze GIG, GAM and Wang’s bank accounts and restrain them from carrying on a financial services business in Australia without holding an AFSL. GIG and GAM’s websites, which promote trading in forex, metals and contracts for difference, must also be deactivated.
The interim orders will remain in force until further orders are made. The matter is listed in the Federal Court for further directions on 23 November.
ASIC’s investigation into the matter continues.
AUTHOR
Hannah Wootton
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