Recently, many investors called the inspection team, expressing their hopes for the inspection team exposing more brokers whose real addresses are inconsistent with the ones in their regulatory information. Given that, the investigators went to Australia for a direct look at OpenMarkets.
OpenMarkets’s office address in the regulatory information is Level 2, 451 Little Bourke Street Melbourne VIC 3000. The investigators carried out a field survey to this broker.
The inspection personnel drove to the office address indicated in the regulatory information after finishing breakfast, The company building is quite modern.
The inspection personnel entered the lobby at the ground floor and got informed by the directory board by the elevator that OpenMarkets resides at Level 2 indeed.
Afterwards, the inspection personnel walked to Level 2 but found there was an empty office only but no logo of OpenMarkets across the whole floor. The inspection personnel didn’t encounter anyone in the corridor, and there was no receptionist in the office. So, there is no way for the inspection personnel to know whether OpenMarkets’s office is here or not.
Unexpectedly, the inspection personnel found a poster of other company at the end of the corridor. Finding little useful, the inspection personnel ended the inspection regretfully.
The inspection team’s field inspection confirms the actual address of the licensed broker OpenMarkets in Australia doesn’t match the address indicated in the regulatory information. As shown by the broker’s common finance license (No. 246705) issued by ASIC, some of the broker’s businesses are not licensed.
2-5 years | Regulated in Australia | Investment Advisory License |
OpenMarkets Australia Limited
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