Recently,the inspectors received many phone calls from investors who expressed their hope of more exposure of Australian brokers whose real addresses are inconsistent with those from regulatory information. In response, our inspection staff carried out a field survey to the Australia office of WistonFX.
The address of WistonFX, according to regulatory information, is 16, 1 Collins ST Melbourne VIC 3000. The inspectors set out for the premises.
The inspectors drove all the way to the street and found a historical building where the broker is allegedly located according to regulatory information.
Upon entering the building, the inspection staff checked the floor guide. However, WistonFX is nowhere to find. Instead, a company named Stone Capital Group was at the floor where WistonFX should be located from regulatory information.
In order to figure out if WistonFX had moved elsewhere, the inspectors came to the 16th floor by elevator, only to find that the entire floor accommodates the staff of Stone Capital Group. They walked around the floor but still couldn’t find either WistonF’s logo or office.
The field survey verified that WistonFX’s real address is inconsistent with that from regulatory information. The broker’s Appointed Representative license (license number: 793170) issued by the Financial Conduct Authority (FCA) has been withdrawn,its ASIC-authorized license (No. 001274685) has been canceled. and its another Authorized Representative license (license number: 001263533) issued by ASIC has been ceased.Therefore, investors are advised to choose the broker carefully to prevent financial losses.
Scam Brokers | 2-5 years | Regulated in United Kingdom | Regulated…
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