The Australian Securities and Investments Commission (ASIC) updated its warning list today with the addition of Alpha Financial Group, MGM Markets, Brokerz.com and several other unregulated brokers. ASIC has warned that these entities do not have Australian financial services licenses and may engage in fraud.
The AlPha Financial Group website does not contain any information about the entity behind the brand - no address, no mention of the company name. Although this is an anonymous company that is not regulated, it appears to be illegally targeting both European and Australian investors, as it has been blacklisted by the Spanish Financial Supervisory Authority.
MGM Markets says it is owned and operated by Tube Global Marketing. The broker website mgm-markets.com has a UK phone number! It is clearly a fraudulent hoax.
Brokerz.com is purported to be a trademark of All Media EOOD and is also on the warning list of several other financial regulators, including the UK's Financial Conduct Authority (FCA), CNMV in Spain and the FMA in Austria.
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