ASIC Warns of Social Media Investment Ads Scam: 4 Entities Added to Investor Alert List

The Australian Securities and Investments Commission (ASIC) has issued a consumer warning over a suspected investment scam involving social media ads for investing opportunities and tips, with consumers then added to WhatsApp groups. ASIC has received reports from Australian consumers who have invested and paid fees to the scam, only to find themselves unable to access their funds.

ASIC has specifically warned against two unlicensed promoters, Juhbz and Ptounx, whose names often appear in the URLs of the associated scam websites, brands of which frequently change. These entities operate without an Australian Financial Services (AFS) license, falsely advertise returns as high as 100% per month, and fail to return funds to investors upon request.

ASIC has added the following entities to its Investor Alert list:  

JUHBZ

websites: juhbz.com, juhbzq.com, juhbzw.com, juhbzf.com, 

juhbzzb.com, juhbzd.com, juhbzu.com, juhbze.com/#/user. juhbz.org/#/, juhbzze.com/#/user/login?from=%2Ffutures

social media: facebook.com/CryptoJUHBZ

Juhbz

websites: juhbzy.com, juhbzx.com/#/, juhbzt.com/, juhbzs.com/#/, juhbzm.com/

Ptounx

websites: ptounx.com, ptounxb.com, ptounxl.com, ptounxz.com, https://ptounx.org

social media: facebook.com/Ptounx/; https://medium.com/@Ptounx; youtube.com/@Ptounx

Ptounx

websites: ptounxh.com/#/; ptounxd.com; ptounxv.com; ptounxq.com/#/user/signout; ptounxq.com/; ptounxf.com/

The suspected scammers create social media ads offering investment tips on share/stock trading for ASX-listed companies and futures contracts. Once consumers click on these ads and register their interest, they are added to a WhatsApp group, where they may receive further invitations to join more ‘exclusive’ WhatsApp investment groups.  

Within these messaging groups, the scammers promote crypto-asset investment opportunities, promising very high returns. They encourage investors to participate in initial coin offerings (ICO) or initial ‘DEX’ offerings (IDO) and to trade crypto assets via a recommended investment website. Despite the initial advertisement of stock trading tips, the scammers solely offer crypto-asset “trading”.

After investors deposit funds, the supposed investments appear to yield high returns. In some cases, the investment values may drop, leading scammers to persuade investors to deposit additional funds with the expectation of recovery. However, when investors attempt to withdraw their money, they are required to pay fees or taxes, but even after payment, funds are not returned.

ASIC shares how the scam works

ASIC urges consumers to exercise extreme caution when considering investment opportunities, and in particular not to click on investment ads on social media platforms promising high returns. ASIC also advises not to share personal information or identity documents and to verify whether the businesses they are dealing with hold an AFSL.