ASIC Investigates Australian Financial Firm Amid Fears Investors Lost AU$138 Million

The Australian Securities and Investments Commission (ASIC) is investigating Sydney licensee MGF Capital over fears that products sold under its licence by authorised representatives have cost investors up to AU$138 million (US$96.5 million). ASIC confirmed the investigation to the ABC, which published its findings on Wednesday. The regulator also confirmed the investigation to Financial Standard. It is examining whether oversight, due diligence and compliance failed, and whether those representatives sold retail services under a wholesale-only licence.

Source: Crypto News Australia