The Australian Securities and Investments Commission (ASIC) has issued a warning on its website regarding Trade12. ASIC stated that the company has been running its operation without the required Australian Credit license or an Australian Financial Services (AFS) license.
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Trade12 is said to have sent out emails regarding Online Trading and making unsolicited phone calls to clients in Australia regarding credit and loans, and giving financial advice without being authorized to do so. ASIC has alerted Australian citizens due to concern that the company might be a scam operation in the guise of a financial services firm. The Australian authority strongly advises against accepting Trade12’s offers or services.
Trade12 is an MT4 brokerage trading Forex and futures, which claims to be owned and run by UK based Global Fin Services Limited. The address of the former's office is Tornimäe 5, Tallinn 10145, Estonia.
The brokerage was previously mentioned in warnings by New Zealand’s FMA and Russian watchdog KROUFR. It is known for its use of the image of Mike Tyson in its ads.
Screenshot from Trade12 website
Recent activity
The Australian financial watchdog has been strict in dealing with unauthorized companies, even when it does not necessarily deem the activities of an individual or company to be illegal. Recently, ASIC barred Sean Nofal from the financial industry for three years.
Mr. Nofal, who acted as a responsible executive at State One Stockbroking Limited, had alerted two clients of ASIC’s possible suspicions of their activity between 2011 and 2013. He had also instructed the clients on how to answer the regulator’s questions if it were to contact them. Mr. Nofal has been banned from his role, though ASIC commented that it does not believe that his behavior was deceitful or intentional.
