ASIC warns against another cold calling scam

Reports of a phoney company operating out of Sweden have prompted ASIC to reissue its warning to the Australian public regarding scammers posing as overseas stockbrokers and investment managers. Known as ‘Stonewall Finance Ltd’, the illegal outfit is encouraging unsuspecting Australians to purchase shares in an offshore company, ‘Australian Biofund Investments Ltd’ via unsolicited telephone calls and emails. ‘Neither Stonewell Finance Limited, or Australian Biofund Investments Ltd, are registered with ASIC, and neither are authorised to provide financial services in Australia’ said ASIC’s Deputy Executive Director of Consumer Protection, Ms Delia Rickard. Ms Rickard said ASIC’s Swedish counterpart, Finansinspektionen, has also issued warnings urging consumers to beware. To report a financial scam or to find out whether a company is licensed in Australia, visit FIDO, ASIC’s consumer website. Alternatively, call the ASIC Infoline on 1300 300 630 or email

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