MOC vs MR

[Nick Radge]

Just to put it out there, since MF Global, ASIC has made it a requirement that any international companies operating in Australia must now need to be (a) an Australian company, and (b) hold an AFSL.

So opening an account with IB is actually IB Australia now and not IB LLC USA as was the case with MF Global.

That said, trust nobody…

[JulianCohen]

So ASIC actually does some things that are useful then Nick

[JulianCohen]

Kate wrote:

Thank you for sharing.

What an interesting experience. The worst part would have been waiting for years to recover what was left of your funds.

Were there any warning signs that the company was in trouble?

Judging by the number of people and institutions that were in the same situation as I was, then I guess no….

As with everything, if you are right there and close to what is happening then maybe you’d get a sniff of something untoward, but for an ordinary Joe Blow sitting in Sydney…nothing.

[Nick Radge]

Quote:

So ASIC actually does some things that are useful then Nick

Rarely…

The biggest insider trading case in Australia. ASIC only found out after two brokers reported to them.

ASIC put a single investigator on it.

They then realised that they needed higher powers so called in the Federal Police.

The Feds put 80 investigators on it and eventually busted them.

Nothing like being committed…

[Author]

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