The Australian Securities and Investments Commission (ASIC) has obtained Federal Court orders to wind up 95 companies suspected of facilitating online investment scams, marking a sweeping enforcement action targeting entities linked to “romance baiting” and “pig butchering” fraud.
ASIC said it discovered that the majority of the companies were incorporated using false or stolen information and were associated with websites and mobile apps used to lure victims into fraudulent schemes. These schemes often involved phony trading platforms offering foreign exchange, digital assets, or commodities investments that resulted in financial losses for victims.
The Federal Court approved ASIC’s application to shut down the companies on just and equitable grounds. Justice Stewart described the evidence for each winding-up application as “overwhelming” and agreed with ASIC’s position that the management of the companies raised serious trust concerns.
ASIC takes down over 130 scam websites each week
ASIC Deputy Chair Sarah Court commented, “ASIC believes many of these companies were set up with the aim of providing a veneer of credibility by purporting to provide genuine services. This action has shut these companies down and protects consumers from entities with no proper management or control, including some that were associated with potentially fraudulent activity.”
Court said the fraudulent setups often mimicked professional trading platforms and relied on fabricated identities. “Scammers will use every tool they can think of to steal people’s money and personal information. ASIC takes action to frustrate their efforts, including by prosecuting those that help facilitate their conduct and taking down over 130 scam websites each week. Our ongoing work to uplift and improve our registry system will also help to prevent conduct such as this from occurring in the future.”
She added, “These scams are like hydras: you shut down one and two more take its place. That’s why we’re warning consumers that the threat of scams and identity fraud remains high. We remind consumers to be vigilant.”
Many of the companies targeted in the action were linked to trading schemes fronted by scammers posing as financial professionals or romantic partners. Victims were often manipulated over long periods via social media before being coaxed into depositing money onto fake platforms designed to resemble legitimate brokerages.
Catherine Conneely and Thomas Birch of Cor Cordis have been appointed as joint liquidators for the 95 companies. ASIC is continuing its effort to trace related entities and disable any remaining websites or apps associated with these firms.
This action follows a string of enforcement steps by ASIC to tackle digital asset and investment scams. In its latest Enforcement and Regulatory Update, ASIC reported that more than 10,000 scam websites had been removed, including over 7,000 fake investment platforms, 1,500 phishing sites, and 1,200 crypto-related scams.
In December 2024, ASIC filed suit against HSBC Australia over allegations that it failed to adequately protect clients from scam activity. In March 2025, ASIC charged Brendan Gunn with dealing in proceeds of crime linked to an international fraud network.
The list of companies shut down includes entities with names resembling financial firms, brokerages, or trading platforms, such as Aleos Capital Markets Pty Ltd, Atom Global Markets Pty Ltd, BHP Markets Pty Ltd, Kwakol Markets Pty Ltd, Rhino Securities Pty Ltd, and Titan Capital Markets Pty Ltd, among others.
ASIC reiterated its warning for consumers to verify the legitimacy of trading platforms, avoid unsolicited investment offers, and report suspicious financial websites or apps.
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