ASIC Shuts Down Nearly 100 Scam Investment Websites Following Federal Court Ruling

The Australian Securities and Investments Commission (ASIC) has obtained Federal Court approval to shut down 95 companies linked to almost 100 scam investment websites. The court acted on ASIC’s findings that these companies were incorporated with false information and posed serious concerns about their management and conduct.

Many of the entities operated websites and apps suspected of facilitating fraudulent foreign exchange, digital asset, and commodities trading schemes. A number of these were tied to Sha Zhu Pan, or “pig butchering” scams, executed by transnational crime groups in South-East Asia.

Provisional liquidators received around 1,500 claims totaling $35.88 million from defrauded investors. The court noted that only two of the 95 companies held “meaningful assets,” with none engaged in legitimate trading.

Justice Angus Stewart described how scammers befriended victims through social media, building trust before coaxing them into fake trading platforms. These accounts were manipulated to display false profits, leading victims to invest more, only to be unable to withdraw funds later.

ASIC Deputy Chair Sarah Court warned that while this action dismantles existing scams, the threat remains ongoing. “These scams are like hydras: you shut down one and two more take its place,” she said.

Catherine Conneely and Thomas Birch of Cor Cordis have been appointed as joint liquidators.