O.C.M. Online Capital Markets Pty Ltd has paid $30,600 in penalties after ASIC issued three infringement notices for false or misleading online advertising. Each infringement notice imposed a penalty of $10,200.
The advertisements and e-mails promoted OCM’s margin foreign exchange trading platform. Foreign exchange derivatives and contracts for difference are among the products available for trading.
OCM made a number of claims in its advertisements and emails about the advantages of using its financial service including “$2533 in Just 7 Days!” and “Learn how you can increase your monthly income”.
ASIC believed that the advertisements and emails were misleading because:
ASIC Commissioner Greg Tanzer said ”Margin foreign exchange and derivative trading is high risk and gives volatile returns. Consumers should not be misled by false claims about the level or consistency of returns achievable from such trading.’