Warning Investors Cambridge Asset Management – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
If you are looking for an online trading platform that promises to change the modern way of trading and offers various investment plans in leveraged financial products, you might have come across www.cambridgeassetmanagement.com. However, before you decide to invest your money or your superannuation through this website, you should be aware of the serious risks and red flags associated with it. In this blog post, we will explain why ASIC, the Australian corporate regulator, has issued an alert about this suspicious website and what you should do if you have already invested through it or are considering doing so.
Regulation and Compliance:
One of the most important things to check before investing through any online platform is whether it has an Australian financial services (AFS) licence or is authorised by an AFS licensee. This licence ensures that the platform complies with the Australian laws and regulations that protect consumers and investors from fraud and misconduct. It also gives you access to dispute resolution schemes and compensation arrangements in case something goes wrong. Unfortunately, the operators of www.cambridgeassetmanagement.com do not have an AFS licence and are not authorised to operate a financial services business in Australia. According to ASIC, the website is allegedly run by a Hong Kong entity, Cambridge Asset Management, that is operating out of Hong Kong. This means that Australian consumers who invest through this website are not protected by the Australian regulatory framework and may lose their money without any recourse.
Another warning sign of a scam website is the lack of reliable and transparent customer support. The operators of ww.cambridgeassetmanagement.com may claim to offer 24/7 support and 1 on 1 personal consultation, but they may also use various tactics to avoid or delay answering your questions or requests. For example, ASIC has received reports that Australian consumers who invested their superannuation through www.cambridgeassetmanagement.com were unable to withdraw the funds they invested. The consumers were advised by the website operators that because of ASIC action they were required to pay additional amounts on tax to withdraw their funds. This is a false and misleading statement, as ASIC will never demand the payment of taxes for the release of investment funds held with financial services firms. The operators may also request payments to be made through cryptocurrency, which makes it difficult to track and recover.
A third indicator of a scam website is the lack of genuine and independent customer reviews. The operators of ww.cambridgeassetmanagement.com may try to create a positive impression by displaying fake testimonials or reviews on their websites or social media platforms. However, these reviews may be fabricated or paid for by the operators themselves, and may not reflect the experience or satisfaction of real customers. You should always do your research and look for unbiased and verifiable sources of information before trusting any online platform. You can also check if there are any complaints or warnings about the platform on websites such as Scamwatch or ASIC’s MoneySmart.
How can crypto transactions be traced?
Cryptocurrencies are digital currencies that use encryption techniques to secure transactions and generate new units. They are often touted as anonymous and untraceable, but this is not entirely true. While cryptocurrencies do not require users to reveal their real identities or personal information, they do leave a trail of data on the public ledger or blockchain that records all transactions. This data can be analysed by law enforcement agencies, regulators, researchers, or hackers to identify patterns, trends, or anomalies that may reveal the source or destination of funds. For example, if a user transfers funds from a cryptocurrency exchange to a personal wallet, or vice versa, this transaction can be traced back to the exchange account, which may be linked to the user’s identity or location. Similarly, if a user spends funds on a website or service that accepts cryptocurrency payments, this transaction can also be traced back to the user’s wallet address, which may be associated with other transactions or activities
In conclusion, www.cambridgeassetmanagement.com is a suspicious website that offers investment opportunities in leveraged financial products without having an AFS licence or being authorised by an AFS licensee. The website is allegedly run by a Hong Kong entity that is not regulated or supervised by ASIC or any other Australian authority. The operators of the website have been reported to scam consumers by preventing them from withdrawing their funds and demanding additional payments on tax. The operators may also use cryptocurrency payments to avoid detection and recovery. ASIC has issued an alert about this website and advises consumers not to deal with it. If you have already invested through this website or are considering doing so, you should follow the steps outlined by ASIC to protect yourself and report the scam.