9 February, AtoZForex.com, Lagos – Is FXTG under ASIC investigation? Australia’s foremost financial watchdog, the Australian Securities and Investment Commission (ASIC) has said to have launched an investigation into the firm "Forex TG Pty (FXTG)", states the Calcalist paper. The firm is suspected to be involve with Aviv Talmor, the infamous CEO of UTrade, who remains at large, after his firm got banned by the Israeli authorities from all investment related activities in the region. Reports are now circulating that FXTG is owned by the Aviv Talmor, with the firm allegedly still owing around $2 million to investors, according to the Israeli newspaper the Calcalist. However, are these reports true, is FXTG under ASIC investigation?
FXTG owner speaks out
In defence of FXTG, the current FXTG owner Stavro D’Amore has discredited the report in the Israeli newspaper by stating :
“I have no dealings with Aviv Talmor or any liquidators, the company has been mine since 4 November 2015 and ASIC records show this. I have taken control and am looking to offset certain parts of the business including restructuring and changing the brand. I have requested ASIC to voluntarily suspend my license so I can restructure the brand without affecting clients and service.”
Unrelated UTrade Ponzi Scheme
Investigation by authorities led to the Israeli financial regulator’s publishing of critical reports against Utrade. Within this report, ISA revealed the alleged Utrade Ponzi scheme, as the firm used funds of new investors for the purpose of repaying previous investors, a classic ponzi scheme play. Other breaches discovered by ISA includes Utrade’s intentional reporting of false monetary recordings of its business. From the report it can be seen that Utrade’s balance raised $12 million in funds through its attracted investors.
Aviv Talmor has previously been alleged with two other fraud cases. Back in 2014, the CEO was investigated post a complaint of a Utrade Premium client. In another case, Talmor was under police investigation for suspicions of fraud. Both cases were closed with no apparent affect on Aviv Talmor. The Calcalist also reported that one of Talmor’s associates claims to be owed $800,000 by the infamous CEO.
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