Do Son 
The Australian Securities and Investments Commission (ASIC) has announced the liquidation of 95 companies suspected of involvement in fraudulent schemes tied to fake investment platforms and romance scams. The decision to dissolve these entities was handed down by the Federal Court of Australia at the regulator’s request. The presiding judge deemed the grounds for liquidation “compelling,” citing an unacceptable level of distrust in the governance of all the implicated structures.
ASIC’s investigation revealed that most of these companies were established using fabricated information, their operations disguised as investment offerings in foreign exchange, digital assets, and commodities trading. Many of the entities maintained professionally designed websites and mobile applications which, according to the regulator, served as bait to lure victims into deception.
ASIC Deputy Chair Sarah Court noted that the objective of such schemes was to project the illusion of legitimacy, thereby misleading consumers. She explained that some companies had been registered under stolen identities, and their websites were deliberately designed to mimic the user interfaces of reputable financial platforms.
According to ASIC, the schemes in question follow the model known as “Pig Butchering,” wherein scammers first build emotional rapport with their targets—typically via social media—before persuading them to invest in fictitious ventures. The victims’ funds are then funneled into accounts controlled by the fraudsters and are never recovered.
The regulator also reported an aggressive campaign to take down such fraudulent websites, removing approximately 130 scam domains each week. In total, over 10,000 malicious websites have recently been shut down, including more than 7,000 fake investment platforms, 1,500 phishing pages, and over 1,200 cryptocurrency-related scam sites.
Katherine Connelly and Thomas Birch of Cor Cordis have been appointed as liquidators in the case. They will be responsible for settling liabilities and overseeing the asset liquidation of all 95 companies. These include entities such as 19 Securities, Aleos Capital, Genesis Capital Resources, Mercury Securities Group, and dozens of other businesses registered under various names and profiles across Australia.
ASIC emphasizes that fraudsters continue to evolve, employing increasingly sophisticated methods, including the creation of fake companies and digital services. The regulator warns that despite its success in dismantling these entities, the threat remains high, as criminal networks often operate hydra-like—each shutdown giving rise to multiple new schemes.
Recent enforcement actions by the regulator, including a lawsuit against HSBC Australia for failing to adequately protect clients and the prosecution of individuals involved in global scams, underscore ASIC’s intent to intensify its crackdown on financial crime. Strengthening the resilience of the corporate registration system, the agency asserts, will be a key factor in preventing such fraud in the future.
