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ASIC takes financial educator to court

Discussion in 'Shares' started by Tropo, 13th Dec, 2010.

  1. Tropo

    Tropo Well-Known Member

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    3,396
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    NSW
    AAP
    The corporate watchdog ASIC has taken Hubb Organisation Pty Ltd to court to try to stop the financial education company from selling its sharemarket trading courses.

    The Australian Securities and Investments Commission (ASIC) said in a statement on Wednesday that it had launched proceedings in the Federal Court of Australia against Hubb Organisation, which trades under the name Safety in the Market.

    ASIC is alleging that Safety in the Market engaged in misleading or deceptive conduct in the promotion and sale of its financial educational courses and trading software.

    Safety in the Market had also breached the law by claiming that users of its system would be able to trade profitably in financial products, based on a proven system.

    ASIC said it was seeking an order stopping Safety in the Market from continuing to sell financial education courses and software, or an order stopping the company from making the alleged false claims or forcing it to include disclaimers on all products.
    The matter is listed for directions before the Federal Court on December 17.
     
  2. Johny_come_lately

    Johny_come_lately Well-Known Member

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    SE Queensland
    Even some of the adds on Invested sound liable. "Trading a 3000,000 account", "50% return in a month", "500% return in a year" and so on. They are aimed at the ignorant or the gullable. Not a word on how much you could lose and how much the 'training' costs. :eek::eek:





    Johny.
     
  3. Tropo

    Tropo Well-Known Member

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    Oh you know..."business is business"...;)