Investments Illegally Offered By Global Fx Trust
22 November 2005
Warning – Investments Illegally Offered By Global Fx Secure Trust
The Securities Commission has banned advertisements for investments in the Global FX Secure Trust II.
The investments are offered by Global FX Secure Pte Limited (Global FX). Global FX is incorporated in Singapore. However, the directors and controlling shareholders, Dr Nico and Mrs Irina Francken, are New Zealand residents. Dr and Mrs Francken operate a Dunedin-based company called WKF Asset Management Limited, which is referred to in the offer.
The Commission believes the offer does not comply with the law. “To be offered in New Zealand this scheme must have a registered prospectus and an investment statement”, Commission Chairman Jane Diplock says. “Global FX does not have these documents.”
The Commission also believes the offer document for Global FX Secure Trust II was likely to mislead investors. It claimed that well known international firms act as brokers for Global FX Secure Trust II. These brokers have advised the Commission that they are not contracted to hold funds or conduct trades for the Global FX Secure Trust II.
The Commission understands that Global FX has previously issued securities in Global FX Secure Trust under an earlier offer document which made similar claims. Because there was no registered prospectus, investors in either of the offers are legally entitled to get their money back and should contact Global FX for a refund.
The Commission warns people about paying money to schemes which do not have the required offer documents. A registered prospectus and investment statement give important information about the people involved in the investment and how your money is being invested.