Thursday 8th September 2011
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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.
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