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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: mmmary who wrote (83106)	1/30/2003 8:52:03 AM
From: StockDung	Read Replies (1) \| Respond to of 122088

ASIC warns of sharetrading scam Australia's corporate watchdog on Thursday issued a warning to anyone planning to send money overseas to a foreign company called Equity-1 Ltd. The Australian Securities and Investments Commission (ASIC) said Australian investors had been promised returns of 30 per cent through international sharetrading by Equity-1. But the company was not licensed to operate in Australia, so anyone who sent money was not protected under Australian law, it said. Several hundred investors had already been caught out, transferring more than $3.5 million to Equity-1, ASIC said. The watchdog said investors had been recruited by word of mouth and by attending overseas seminars held by company director Shayne Heffernan. "If you are thinking of investing overseas you should be extremely cautious, because you could lose everything," ASIC director of consumer communication Dr Michael Dunn said. ASIC said Equity-1 claimed to be based in Hong-Kong, however it was believed the company did not have any actual operations there. Potential investors should check the ASIC website, www.fido.asic.gov.au to see if the company was licensed to operate in Australia before investing any money, Mr Dunn said. ©AAP 2003