Survey Reason

Recently, the inspection team received many investors’ phone calls with the hope of more New Zealand licensed brokers whose real addresses were not consistent with those declared by the supervision agency exposed. Upon their request, the investigation staff will visit Oracle FX for the details.

Company Building

According to the regulatory information, the address of the New Zealand licensed company Oracle FX was: Level 33 23-29 Albert Street Auckland. The investigation staff visited the spot.

Exclusive

The investigation staff found the office building as the regulatory address showed without any obstacle because the target was conspicuous. Entering the lobby and checking the floor guidance, they found Oracle FX was not on the list. Subsequently, they enquired the front desk that whether Oracle FX owned an office in the building or not, and they learned that only the office on the 33th floor belonged to a joint company, while the offices on the other floors belonged to some conglomerates.

They came to the 33th floor by elevator, but they noticed that the broker Oracle FX was not on the company signage in the corridors. They learned from the front desk of the floor that Oracle FX didn’t have an office on the floor. To ensure a high-quality investigation, they enquired the General Manager of the joint office whether Oracle FX was relocated, and learned that here was the registered addresses rather than the actual office addresses of many companies with cloned licenses.

Summary

It has been proved by the on-the-site investigation of the staff that the actual address of the New Zealand licensed broker Oracle FX is not consistent with that declared by the supervision agency. It is said that the Common Financial Service License (No. 0505926) the broker holds issued by NFA suggests the broker’s overrunning and the status NFA announced is unauthorized. The Investment Advisory License (No. 402043) it holds issued by ASIC also shows its overrunning. Besides, the Financial Service Corporate License (No. 548588) it holds issued by FSPR was revoked since it’s suspicious of overrunning.