According to a statement from the Australian Securities and Investments Commission,the Federal Court has awarded orders to wind up derivatives issuer Apex Derivatives Pty Ltd.
The company is being wound up because it “was advertising through its website that it had an Australian Financial Services (AFS) licence, when it did not; appeared to be insolvent; had ceased all business operations; and from February 2013, did not have a director resident in Australia”.
“On 6 February, ASIC was advised that Apex did not have enough cash to repay 270 clients in full; it held net tangible assets of less than $500,000 and was in breach of its AFS licence requirements,” the statement said.
“On 20 February 2013, ASIC cancelled Apex’ AFS licence.”
Daniel Walley and Scott Pascoe of PPB Advisory have been appointed by the Court as liquidators.
Oh forgot to add. Noticed that it said “Asic was advised”.
Just imagine if Asic wasnt told…….someone would of had to woken them up from their permanent state of public service siesta.
Well done Asic, it only took you 2 WEEKS TO WAKE UP & do something!! What a joke……zzzzzzzzzzzzz.
Oh Dear……if only they were more EDUCATED!
If only they had studied with the FPA OR KAPLAN!!
If only they had uni degrees & were RG146 or had their ADFP.
Oh wait hang on they were……..hmmmm. Pity the FPA & Asic couldn’t spend more time INVESTIGATING the offenders out there & less time SHOVING education & high cost courses down our throats.
Getting the picture yet people?
Keep up you FPA membership…….NOT!