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Sounds like the Opes Prime fiasco.

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Dazedandconfused

4,839 Posts.

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14/03/19

12:20

Post #: 37759791
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Originally posted by peejayhercules ↑

Hope nobody is caught up in this:

"One of Australia's largest brokers, Halifax Investment Management, is set to head into liquidation after administrators discovered that some of the $210 million of client money was used to cover off losses on bad bets on investment products by other clients. Investigations by administrators from Ferrier Hodgson have found that just under $20 million of customers' money is missing.
Hallifax operated and offered three trading platforms - Interactive Brokers (IB), MetaTrader 4 (MT4) and the MetaTrader 5 (MT5) platforms. Interactive Brokers, which has a stockbroking licence, is a third party online trading platform that provides a white label product to Halifax.
"There appears to be extensive co-mingling of client monies," the administrators said on Wednesday." As a result, the funds invested by MT4 and MT5 investors may have been used to ‘top up’ the accounts of IB investors (and vice-versa). In simple terms, the monies of other investors may have been used to credit the IB platform."

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Sounds like the Opes Prime fiasco.

XAO Value at posting: 6,245.2
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