ASIC has taken action against the financial firm
The Australian Securities & Investments Commission (ASIC) cancelled AGM Markets Pty Ltd’s (AGM) Australian Financial Services Licence (422662) in November 2018.
See ASIC’s media release: 18-340MR ASIC cancels AGM Markets licence for unconscionable conduct and unmanaged conflicts of interest | ASIC - Australian Securities and Investments Commission
ASIC also has on foot a Federal Court application to appoint a liquidator to AGM and its two former representatives OT Markets Pty Ltd (OT Markets) and Ozifin Tech Pty Ltd (Ozifin Tech), for the companies to be wound up. Those Court proceedings are ongoing.
See ASIC’s media release: 18-036MR ASIC obtains interim injunctions and warns investors against AGM Markets, OT Markets and Ozifin (Trade Financial) | ASIC - Australian Securities and Investments Commission
As part of those Court proceedings, ASIC has obtained freezing orders against relevant assets and bank accounts of AGM, OT Markets and Ozifin Tech. This means certain bank accounts are now frozen and the companies are unable to sell or otherwise deal with the property without ASIC’s consent or Court order.
AGM remains a current member of AFCA
At this time, despite being unable to trade and the loss of its license, AGM remains a current member of AFCA.
What this may mean for complaints
While AGM remains a current member of AFCA, consumers can continue to lodge complaints about AGM’s conduct and services with AFCA. AFCA will continue to consider and handle complaints against the financial firm as timely and efficiently as possible. Consumers should be aware though that our ability to obtain an appropriate outcome for any complaint may be affected by any Court proceedings and any actions taken by the regulator.
At this stage, given the current Federal Court proceedings between ASIC, AGM, OT Markets and Ozifin Tech, we are unable to advise about the ongoing status of clients’ funds, return of funds to clients or other compensation that may be payable.
We will keep you updated
AFCA will update the information on our website as we become aware of new information about AGM that may affect complaints. Please check this webpage regularly.
If you have any questions or want more information about lodging a complaint, please:
call: 1800 931 678