Brokers Checked

Sydney Morning Herald

Monday February 2, 1987

Seven currency brokers are being "actively investigated" by the NSW Corporate Affairs Commission, it was revealed on Channel TEN's Business Week last night.

They are Romy and Brothers Holdings, Octile, Overseas Money Link, Superlo(trading as Money Plus), Tobaru, Golden Harvest Investment and Australian Money Brokers. They follow Lombard Nash, Prime Commodities and First International as the latest brokers subject to interim orders gained by the CAC in the Supreme Court.

Since advertising bans on leveraged currency operators began to take effect in August, six companies have collapsed. Investors are said to have lost more than $100 million.

CAC spokesman Mr Grant Jackson, said: "A lot of investors only see the 200 to 300 per cent return at the end of the line. The salesman promises that. The investor's greedy and he pushes any thought of possible loss out of his mind."

© 1987 Sydney Morning Herald

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