IFW Global has received a number of complaints from concerned investors about a fraudulent Self-Managed Superannuation Fund (SMSF) scam firm who cloned the name Australian Securities Administration Limited (ASAL). ASAL is a legitimate company, licensed and regulated in Australia. The details of ASAL were used in the fraud to satisfy due diligence enquiries and to convince victims of the legitimacy of the scam firm.

The website used in the ASAL Group fraud was www.asalgroup.com.

This scam was also perpetrated using the names SMSF Advisory and PW Kitt Co which were clones of legitimate and unrelated firms SMSF Advisory Services and P.W. Kitt & Co. We have strong intelligence that links both SMSF scams to the same fraud groups.

This cruel, evil crime intentionally targeted Australian retirees, and those close to retirement, who have little hope of financially recovering from these crimes and, in most cases, will be forced to survive on a meager age pension for their retirement days.

How It Works

This type of investment fraud is commonly known as a “boiler room” investment scam and are usually carried out by transnational fraud groups using fake names and technologies to mask their real identities and locations. These groups are opportunistic and take advantage of older Australians by offering higher than normal investment returns.

The ASAL Group scam often began with a cold call from another scam firm called SMSF Starters, to set up a phone appointment with a “Superannuation Planner” from ASAL Group to discuss self managed super funds. The ASAL Group website offered online application forms for a number of fake products as well as purporting to operate with the Australian Financial Services Licence (AFSL) and Australian Business Number (ABN) of the legitimate firm.

When signed up, the client’s funds are “rolled over” using forged signatures from supplied ID documents into bank accounts that appear legitimate but are operated by the fraudsters. Before long the money is stolen from bank accounts to other money-laundering accounts (usually overseas) and/or into cryptocurrency wallets.

The victim quickly loses email and phone contact with the fraudsters when they begin querying where their money has gone.

Next Steps

IFW Global has obtained significant intelligence about these frauds and it is confirmed that criminal groups involving British nationals have operating both scams from a well-known SE Asian country.

If you are a victim of these frauds:

• Immediately report your fraud via the Australian Cyber Security Centre fraud reporting portal at www.cyber.gov.au
• Do not send the fraudsters any more money. Any request for payment of a “tax” or “fee” is their last ditch attempt to get more money from you.
• Do not let the fraudsters gain remote access to your computer. Fraudsters will often offer to “assist” you by asking you to install AnyDesk or TeamViewer to remotely control your computer mouse and keyboard.

IFW Global Investigations is a private intelligence and investigations firm that represents investors who believe they have been scammed, or duped into fraudulent investment schemes. We are strictly vetted by the NSW Police Force in Australia and the State of Florida in the USA, and you can view our credentials here.