Watchdog Snags Unlicensed Australian Asset Manager

Josh O'Neill

8 November 2017

A key Australian watchdog has obtained injunctions against and frozen the bank accounts of an asset manager it says does not have a licence to operate down under.

The Federal Court granted interim injunctions against Gallop International, Gallop Asset Management and Ming-Chien Wang, freezing money held in their banks accounts and preventing them from doing business because they do not hold the necessary licence, the said in an online statement.

“ASIC believes that GIG, GAM and Wang are carrying on an unlicensed financial services business,” the regulator said. “Neither GIG or GAM holds an Australian Financial Services licence, and therefore are not authorised to provide financial services in Australia.”

The firms will also be forced to shut down their websites - gallopfx.com.au and gamfx.com – ASIC added.

The interim orders remain in force “until further order,” ASIC said, adding that proceedings have been listed for further directions on 23 November.

The regulator’s investigation is ongoing.