Brisbane based company, Your Trading Room (YTR), had appointed to it provisional liquidators pursuant to orders of the Supreme Court of Queensland after an application was brought by ASIC on 12 April 2012.
YTR traded as a currency trading company, also offering education services for those seeking to invest in foreign currencies.
YTR was found to have no director and its premises abandoned. Mr Les Freedman was reported to have had resigned as director but was considered to be effectively still running YTR in the USA, Hong Kong and Australia.
Mr Freedman has been the subject of numerous inquiries and disciplinary action of ASIC, including being banned by ASIC from directing a company for a period of four years in 2010.
ASIC is prepared to take steps where it considers it necessary.