Watchdog suspends licence of embattled financial firm
THE corporate watchdog has suspended the financial services licence of an embattled Gold Coast firm for three months.
ASIC announced late Friday that it had pulled the pin on financial services provider Longhou Capital Markets Pty Ltd.
The company, formerly known as Avestra Capital and AG Capital Markets, is based at Varsity Lakes and fell into voluntary administration last month.
Longhou had 18 authorised representatives providing financial services and products on its behalf, including securities and derivatives.
The suspension of Longhou's licence means that these authorised representatives must immediately cease providing financial services on the company's behalf.
Corporate records show the firm's sole director is Shengwu Tong. He could not be reached for comment.
Originally published as Watchdog suspends licence of embattled financial firm