Asic cracks down on boiler-room scam
NEWS
The local regulatory body successfully obtained orders from the Federal Court of Australia last week while it continued investigations into the alleged international boiler-room (cold-calling) scam.
The scam, with connections to the US, Malaysia and Hong Kong, is believed to have defrauded Australian investors through entities named HPR Commodities, Capital Marketing Services and Vitol Capital Management. Asic believes the scam to be a continuation of one identified by the US Commodity Futures
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