Asic warns of Market City scam

The corporate watchdog has told the public to steer clear of a potential scam website that uses the same registered business name and the same business number as the recently privatised Market City.

The Australian Securities and Investments Commission has made an official warning to the public about Market City International, which claims to be a “leading online trading broker specialising in stocks, commodities, CFDs and currencies”.

Market  City International states on its BROKERS500 website that it holds an Australian financial services licence, however Asic says the number actually corresponds to the business number of Market City, which is a registered business name of the Perth Market Authority.

“The statements (by Market City International) are false and are likely to mislead the public,” Asic said.

“The Perth Market Authority has no connection with Market  City International.

“The website allows for potential investors, including those based in Australia, to sign up for live trading accounts.

“Asic is satisfied that potential investors are likely to suffer detriment as a result of being misled as to the regulatory status of Market  City International.”

The watchdog made the decision to warn the public about the potential scam after numerous attempts to contact Market  City International were unsuccessful.

Newly formed company Perth Markets has acquired Market City, which operates the Canning Vale fruit and vegetable markets, for $135.5 million.