TriumphFX securities fraud alert from Australia

TriumphFX has received a securities fraud alert from the Australian Securities and Investments Commission (ASIC).

ASIC added TriumphFX to its “
investor alert list
” on November 22nd, 2023.

Entities placed on ASIC’s list are “likely to be offering financial services to Australian consumers”, while “not hold(ing) an Australian financial services licence or Australian credit licence from ASIC”.

Under Australian law, offering securities without being registered with ASIC constitutes securities fraud.

Almost all providers of financial services in Australia must be licensed by ASIC.

With respect to entities placed on the Investor Alert List, ASIC warns;

If someone contacts you to offer an investment opportunity, or you find a suspicious website, be wary. It could be a scam.

This investor alert list can help you know which companies, businesses and websites (or ‘entities’) are not to be trusted.

TriumphFX is a long-running Ponzi scheme that primarily targets Malaysia.

BehindMLM
first came across TriumphFX
back in 2017. Since then we’ve reported on TriumphFX

getting
banned in Indonesia
in 2021 for investment fraud

receiving a
securities fraud warning from Singapore
in 2021

receiving
two securities fraud warnings from Indonesia
despite being banned there

receiving a
securities fraud warning from Malaysia
in 2022

The current status of TriumphFX is a bit murky.

In 2018 Singapore-based scammer Hermes Leong (right) was
arrested on charges
related to Triumph Global, an earlier iteration of TriumphFX.

Then in October 2022, TriumphFX
collapsed
following non-payment of withdrawals for weeks.

Despite these two significant events, TriumphFX persists. SimilarWeb tracked ~153,000 visits to TriumphFX’s “tfxi.com” domain in October 2023.

55% of that traffic originated from Malaysia, 19% from Taiwan, 8% from Australia and 4% from China.

🤖 Quick Answer

What is TriumphFX's regulatory status in Australia?

Why is TriumphFX considered a securities fraud concern?
Under Australian law, offering financial services without ASIC registration constitutes securities fraud. TriumphFX operates without the required licences mandated for financial service providers in Australia.

What warnings does ASIC issue regarding entities on its alert list?
ASIC advises consumers to exercise caution when contacted with investment opportunities or encountering suspicious websites, as these may represent fraudulent schemes targeting Australian investors.

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