Trademax Australia Limited
Trademax Australia Limited (trading as TMGM)
Trademax Australia Limited
Trademax Australia Limited (trading as TMGM)
FD Legal are investigating claims against Trademax Australia for losses caused by risky CFD trading. The cases allege that Trademax Australia representatives encouraged investors to trade in highly risky CFD and Forex products promising high returns. The cases also allege that Trademax engaged brokers to undertake trading strategies for clients which caused significant losses.
It is alleged that:
• Representatives provided financial advice and encouraged the client to execute wholesale investor/sophisticated certificates to enable Trademax Australia to trade CFD’s and Forex trading with higher margins than allowed for retail investors.
• Trademax failed to undertake appropriate “know your client” verification procedures to determine whether clients were suitable to trade CFD’s and Forex trading.
• Clients who were inexperienced in trading CFD’s and Forex trading were not suitable to engage in highly speculative trading.
It is FD Legal’s concern that clients have been allowed to engage in CFD and Forex trading which was described by the Federal Court as “gambling” where “most clients lose money trading CFDs, often due to excessive leverage” and were described as“financial heroin hits”.
We are encouraging Trademax clients to contact FD Legal to discuss your options to seek redress.
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