After having its ASIC license voided back in May of this year, Chinese owned and focused Retail FX broker GallopFX and its associated companies Gallop International Group Pty Ltd (GIG), Gallop Asset Management Pty Ltd (GAM) as well as controlling shareholder Mr Ming-Chien Wang have had their assets frozen in Australia.
ASIC announced that it has obtained interim injunctions in the Federal Court against Gallop International Group Pty Ltd (GIG), Gallop Asset Management Pty Ltd (GAM) and Mr Ming-Chien Wang, freezing money held in their bank accounts and restraining them from carrying on a financial services business in Australia without holding an Australian Financial Services licence.
GIG and GAM are also required to deactivate the websites www.gallopfx.com.au and www.gamfx.com. The websites promote trading in forex, metals and contracts for difference.
ASIC believes that GIG, GAM and Wang are carrying on an unlicensed financial services business. Neither GIG or GAM holds an Australian Financial Services licence, and therefore are not authorised to provide financial services in Australia.
The interim orders will remain in force until further order. The proceedings have been listed for further directions on 23 November 2017.
ASIC’s investigation is continuing.