Thursday 8th September 2011 |
Text too small? |
The Serious Fraud Office is investigating CFX Trade Safe after being tipped off by an employee of the Whangarei-based currency trader, it said in a statement.
The white-collar crime investigator has launched a part two investigation into the FX firm, granting it greater powers than a part one probe, as it tries to determine whether CFX Trade Safe misrepresented its financial position to its 50 clients. The SFO was made aware of the case after an employee contacted it, and said it is getting full cooperation from all parties involved.
“It appears that, at some point, the company suffered a major financial loss and we suspect that falsified documents may have been used in an attempt to hide this information from investors,” acting director Simon McArley said in a statement. “We encourage any past or current clients of CFX Trade Safe that may have information that would be relevant to our investigation to contact the Office.”
The SFO is analysing the firm’s finances to determine the level of losses involved and number of people affected, while the Companies Office is managing the recovery of assets.
(BusinessDesk)
BusinessDesk.co.nz
No comments yet
July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report
July 1st Morning Report
June 27th Morning Report
SDL - FY2026 Earnings Guidance
PaySauce Director resigns for US-based role with NZTE
General Capital Releases 2025 Annual Report