ASIC blocks Global Capital Wealth websites

Scammers claimed to provide share trading services

The Australian Securities and Investments Commission (ASIC) has warned Australians not to deal with a company operating under the name Global Capital Wealth.

The scammers offer consumers opportunities to invest in a managed share trading fund. ASIC has blocked access to the websites and which were used by Global Capital Wealth.

ASIC Commissioner Greg Tanzer said its concern is that the scammers – via their websites, promotional material and cold calling – appear to be fraudulently using the Australian business number, company number and financial services licence number of Global Capital Resources Pty Ltd, a licensed financial services firm with no connection to Global Capital Wealth.

According to ASIC, the scammers are also associated with a group of fraudulent financial services businesses against whom the Commission obtained orders against in the Supreme Court of Queensland on 31 October 2012.

The injunctions restrained respondents from Secured Collateral, Diversified Collateral and Intra Management from carrying on the businesses including dealing with approximately $273,000 held in three bank accounts.

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Tanzer said that investors need to be cautious when offered unsolicited investment advice.

“Consumers can be tempted by the promise of high returns or other incentives. However, they should remember that reputable financial services businesses do not cold call members of the public,” he said in a statement.

“If you receive such a call, hang up immediately and save yourself significant potential losses.”

ASIC provided the following tips for reporting investment scams:

  • Visit the Moneysmart website or call 1300 300 630 for further information.

  • Alert family and friends to investment frauds, especially those who may have savings to invest.

  • Report suspected investment frauds to ASIC or through state and territory police.

  • Hang up on unsolicited telephone calls offering investments.

  • Check any company you are discussing investments with has a valid Australian Financial Services (AFS) licence.

  • Seek independent financial advice before making an investment.

  • Protect mail by installing the right sized letterbox for the volume of mail received and fit a lock to the letterbox to deter would-be thieves.

Follow Hamish Barwick on Twitter: @HamishBarwick

Follow Computerworld Australia on Twitter: @ComputerworldAU, or take part in the Computerworld conversation on LinkedIn: Computerworld Australia

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