Inspection Reason

In recent, some investors made telephone calls to complain details about the forex broker MMIG wasn’t available on its official website and express their hope for the surveyor to visit the broker. In order to help investors to choose brokers better, the surveyor decided to go to the broker’s office in Australia to learn what happened.

Office Building

According to the regulation information, the Australia licensed broker MMIG’s office was located at Suite 14 Level 11, 65 York Street, Sydney NSW 2000. The surveyor decided to visit the broker.

According to the regulation information, the surveyor found the ancient office building indicated by the regulation information.

Featured Photos

The surveyor entered the lobby on the first floor but didn’t see MMIG’s name on the floor guide. Consdering the conclusion that a broker wasn’t exist couldn’t be drawn from the only fact that the broker wasn’t listed on floor guide, the surveyor took the elevator to the 11th floor and found the entire floor belonged to a shared office named Clarence. The surveyor asked a receptionist and knew MMIG’s employeed did work in the office. The surveyor took a photo of the office’s reception area and returned home.

Conclusion

It was confirmed after the surveyor’s inspection that the real address of MMIG’s office in Australia was the same with its regulation address. Till the date at which this article was uploaded, as was indicated by the financial service company license (RN: 511666), the broker operated beyond its licensed business scope and the regulation status on the license was “cancelled”. The broker’s operating beyond its licensed business scope could also be confirmed by its investment and advisory license issued by ASIC. As a non-forex license on which the regulation status was unauthorized, its general financial license (RN: 0500100) issued by NFA witnessed its operating beyond its licensed business scope as well Since all of the broker’s regulation was invalid at present and the broker didn’t have its own office, please keep cautious when choosing the broker.