ASIC Flags limestonefx.com for False Claims


ASIC is alerting investors about a suspicious site, limestonefx.com

May 11, 2021, | AtoZ Markets  – The Australian regulator alerted investors to this website as it falsely claims that it is associated with Limestone FX Pty Ltd, an authorized representative of Baileyhenry Capital Group Pty Limited, and that it holds an Australian Financial Services License (AFS).

Meanwhile, the company and its authorized legal representative have informed that they have not connection to this website, while some investors reported that they have not been able to withdraw their funds from this place.

ASIC has discovered that limestonefx.com is not licensed or authorized by AFS to provide financial services in Australia.

The regulator also found that this entitie are located outside of Australia, so it would be difficult to recover the funds about this investment fraud.

ASIC has advised investors to always check ASIC records before investing in an unknown entity, and to confirm the contact details that are presented on websites.

What to Keep in Mind When Investing According to ASIC

 

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ASIC encourages investors to obtain independent financial advice before investing, and to check ASIC’s registers to see if the entity you’re dealing with holds an AFS licence. However, unscrupulous operators sometimes impersonate AFS licensees.

You should check that the contact details you’ve been given for the entity, corresponds with publicly available details for the licensee, and confirm with the licensee that the communications in fact originated from them, and  you should also consider where you are sending your funds.

The regulator has said if you invested through limestonefx.com you do not need to lodge a report with ASIC as we have sufficient information at this time.

ASIC is unable to assist in recovering your funds, please contact your financial institution to see if they can assist in tracing payments made.

Unfortunately, often funds are very difficult to recover once it has been sent outside of Australia.

For more information about investment scams and what to look out for see this  page.https://moneysmart.gov.au/investment-warnings/investment-scams

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