Australia ASIC Brokers warning: LCG clone and other scams exposed


The Australian regulator committed to protecting the public from any scams and frauds in the financial market. In the latest Australia ASIC Brokers warning, the regulator has exposed a new set of suspicious brokers and financial firms. 

22 August, AtoZForex - The Australian Securities and Investments Commission (ASIC) has issued a warning in regards to a number of online trading and wealth management companies. The Australian watchdog strongly recommends refraining from any deals with the newly blacklisted firms, as they are suspicious of being involved with scam operations.

Australia ASIC Brokers warning details

The firms below were breaching the law by contacting potential clients in Australia and offering unauthorized services. The firms from the list do not possess either Australian Credit license or an Australian Financial Services (AFS) license:

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  • Wealth Management Group Ltd,
  • Clone firm London Capital Group,
  • BBB Markets,
  • Abridge Enterprises,
  • IvoryOption,
  • Standard Fidelity Ltd.,
  • 72Option,
  • Spencer Capital Partners,
  • Eduard Steinbach PLC,
  • Royal State Global Financial Solutions

Please note: London Capital Group is a clone firm and operates on the website londoncgroup.com. It's not the FCA regulated LCG.com, with company registration number 182110.

Previous ASIC warnings 

For some brokerages, it’s not the first time to be subject to regulations. In last week’s report, the Australian regulator already sent out warnings in regards to the London Capital Group clone and 72Option. ASIC insisted that investors reconsider opening accounts and trading with these two service providers. The London Capital Group clone and 72Option were accused of soliciting clients by phone and email without the proper authorization.

72Option is a binary options broker that also goes by the name Epic Ventures Ltd. According to their website, the binary options broker registry address is Landmark Building, 14 Tsar Osvoboditel Blvd, 5th Floor, 1000 Sofia, Bulgaria. In the case of London Capital Group, it is a clone of the FCA FX brokerage LCG. In the warning, ASIC linked the information to the UK’s watchdog FCA. Also, the clone firm London Capital Group operates through the website londoncgroup.com. Lastly, the clone firm claims to have an office at 8 King Edward Street, London EC1A 7BA, England.

Therefore, all traders need to be cautious when opening an account with any broker. Here at AtoZForex.com we understand this and decided to put the Forex brokers through a thorough testing before they can become AtoZ approved.

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