An announcement by the Australian Securities and Investments Commission (ASIC) revealed that the Federal Court in Australia ordered the restrainment of Matthew Alan Beresford. He has been prohibited from continuing to operate his financial services business.
Reportedly owned and founded by Beresford, both bank accounts and websites have been frozen. The name of the two companies held by him, called Maxwell Financial Services and Asset Capital Holdings, were defined as ponzi schemes.
Some of the allegations against Beresford are that he used these firms to lure in novice investors with promises of profit and high returns.
As it has been made clear, these allegations are associated with the terms of fraud caused by Beresford’s actions. ASIC claims that both businesses were operating without an Australian Financial Services License (AFSL), making their operations illegal.
Furthermore, ASIC denied any claims that both companies were regulated, as certain allegation claims, and confirms that both companies operated without a license.
The case will continue with the following hearing scheduled for February 8th 2021.
This comes at a time when ASIC announced a major change in its regulatory framework, including a decrease in CFD leverage, negative balance protection, and more.