ASIC Freezes Funds and Suspends Websites for Suspicious Investment Entities

The Australian Securities and Investments Commission (ASIC) announced that the Federal Court of Australia made orders restraining Matthew Alan Beresford from operating a financial services business and suspending the websites of Maxwell Financial Services and Asset Capital Holdings.

Additionally, the court also made orders to freeze all bank accounts associated with Maxwell Financial Services and Asset Capital Holdings and has restricted from his departure from Australia.

According to a press release published by the regulator, Mr Beresford has been arrested and charged. The case is scheduled for a further hearing in the court on 8 February 2021.

ASIC stated that, Maxwell Financial Services, which Mr. Beresford founded in late 2019, alleged that its representatives held an Australian financial services licence (AFSL) and that the business was associated with ASIC and the Australian Prudential Regulation Authority (APRA).

Actually, these claims are definitely false, and the company has been carried on financial services without any license, accoding to the watchdog. A significant amount of money raised from retail investors has been dissipated, ASIC added.

The illegitimate platform solicited the victims through providing financial products with high annual returns. What's more, Mr. Beresford offered these products and services through a website, a Facebook page and advertised on Melbourne radio station, 3AW.

Another company, Asset Capital Holdings, which Mr. Beresford in this year, was also restricted  from carrying on a financial services business and freezing relevant bank accounts and requested that the webhost of the Maxwell Financial Services website make it inaccessible to the public.

It is noted that this action is not related to the following companies:

• Maxwell Financial Services Pty Ltd ACN 109 836 400, which holds an Australian credit licence; or

• Asset Capital Holdings Pty Ltd ACN 104 792 234.