29 July, AtoZForex.com, Lagos – As earlier reported, the Chinese offices of AETOS capital group in the Heilongjiang Province was stormed by a large group of traders and affiliates in protest, claiming to have been cheated out of their funds by the unfair conditions and dealings of AETOS. In an update of the firm, AETOS expose blackmail attempt by a Chinese affiliate.
AETOS is licensed and regulated by the Australian Securities and Investments Commission (ASIC) since 2007 (AFS License: 313016, ACN: 125113117, ABN: 94125113117). The headquarters of AETOS is located in Sydney, Australia. By virtue of its ASIc license, the firm operates its business covering most of Asia-Pacific. It is also authorized and regulated by the Financial Conduct Authority (FCA, registered number: 592778), with a branch office in London.
The mastermind behind the case
An affiliate of the firm, going by Mr. Yang has been reported to be the mastermind behind the case. He is said to have lost money trading with the firm and then requested that the broker refund some of his client deposits to him as he felt he deserved this compensation for his allegiance to the broker. He therefore organized the raid of the offices in an attempt to blackmail and extort the broker.
In more detail, Mr. Yang sent emails citing a previous incident of IronFX as examples. He threatened to take similar steps if he didn’t have his funds returned to him. His plan was to put pressure on the local government authorities and police by contacting the media after hanging protest banners in ten cities where AETOS offices are located.
AETOS reports to the Shanghai Police
In reality, the best way to bring a legitimate case against a broker would be to submit an official petition for investigation into the broker’s activities. Better, he could have reported the case to the Chinese authorities or even taken a legal approach. Yet, he decided to blackmail the broker.
Additionally, it is reported that Mr. Yang was also credited with circulating rumors that AETOS only had a small office in Australia, with only four men. An office which is meant to be its main office. This prompted the broker to publish photos of its offices to prove its size to Chinese clients. Now that AETOS expose blackmail, the firm has reported the case to the Shanghai Police Station in China and has started legal advice accordingly.
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