ASIC obtains orders to wind up AWSM, Marigold Falconer, and My Wealth Adviser

Maria Nikolova

The Federal Court of Australia has ordered that Australasia Wealth Services and Management Pty Ltd, Marigold Falconer International Pty Ltd, and My Wealth Adviser Pty Ltd be wound up.

The Australian Securities & Investments Commission (ASIC) today announces that it has secured Court orders to wind up three companies. The Federal Court of Australia in Melbourne has ordered that the following companies be wound up and that liquidators be appointed:

  • Australasia Wealth Services and Management Pty Ltd (AWSM);
  • Marigold Falconer International Pty Ltd (Marigold Falconer);
  • My Wealth Adviser Pty Ltd (My Wealth).

Let’s recall that, in August 2016, ASIC said it had cancelled the Australian financial services licence held by Marigold Falconer International Limited. The company was unable to satisfy ASIC that it could obtain insurance cover for the services it was authorised to provide under the licence, which included providing financial product advice and dealing in financial products.

Regarding Australasia Wealth Services and Management Pty Ltd (AWSM), as FinanceFeeds reported in July 2019, the regulator cancelled the Australian financial services (AFS) licence of AWSM. This followed a licence suspension by ASIC for AWSM’s failure to comply with its obligations as an AFS licence holder. AWSM breached its financial reporting and audit obligations, as well as the requirement to become a member of the Australian Financial Complaints Authority (AFCA).

On February 20, 2020, ASIC applied to have Marigold Falconer and My Wealth wound up. On March 6, 2020, ASIC applied to have AWSM wound up.

The regulator launched the proceedings to protect the public in circumstances where it has concerns about the conduct of the affairs of those companies and their solvency.

ASIC’s investigations into the three companies are ongoing.

Read this next

Market News

Can Last Week’s Gold Price Rally Be Repeated?

Gold occupies a unique position among precious metals.

Industry News

Spot Ether ETFs: Gary Gensler losing control of the SEC?

Last week, the SEC requested stakeholders update their 19b-4 filings for Spot Ethereum ETFs – a move that indicates the SEC might approve these ETFs.

Industry News

T+1 settlement goes live today in Canada, Mexico, Argentina

“Shortening the time between the trade date and settlement date reduces risk in the system, and the industry has worked hard to prepare for this important change.”

Industry News

DanFX’s Daniel Farook Ali sentenced to 7 years after extradition

The Court sentenced Mr Ali to seven years and three months imprisonment, with eligibility for parole from 5 July 2024.

Market News

Global Currency Market Dynamics Influenced by US Bond Market Volatility

The recent turbulence in the US bond market has benefited the USD.

blockdag

Top 5 ICOs that are Likely to Explode in the Current Bull Run 2024

Explore top upcoming ICOs: BlockDAG, GBTC, TUK, SCOTTY, and SPONGE. Learn about their potential high returns and unique features.

blockdag

BlockDAG’s Revolutionary Dev Release 36: Off-Chain PoW and a $30 Projection by 2030

Explore BlockDAG’s latest off-chain PoW innovation and its $32M presale success. Projected to reach $30 by 2030.

blockdag

30,000x ROI Potential: BlockDAG Secures $33.5M in Presale, Outruns Retik Finance’s Bitmart Performance

Uncover how BlockDAG’s impressive $33.5M presale and its innovative platform draw investors away from Retik Finance following the Bitmart listing.

blockdag

IT Professional Switches to Lucrative Crypto Mining Entrepreneur with BlockDAG’s Advanced Mining Technology

Learn how an IT pro turned Litecoin mining into a fortune. See if BlockDAG can match this with advanced mining tech and 30,000X ROI potential.

<