Security Breach on Australian Trading Platform
Foo Ching Chee invested $49,500 in an Australian trading platform but lost his money due to a security breach.
He filed a lawsuit against Ang Chew Tee, who assisted him in creating the account. Equity Advisers, the company presented as an Australian licensed trading entity, is implicated. The court dismisses the lawsuit. Foo Ching Chee relies on information from Tan Choong Tat and Ang Chew Tee for investments and attributes $4,500 to Tan in April 2020.
THE HACKING
On September 29, 2020, Foo Ching Chee learns that his investments with Equity Advisers have disappeared due to a breach of the trading platform. He discovers a reduced balance and loss of profits in his account. The company notifies about the breach and contacts the Australian Securities and Investments Commission regarding the legitimacy of Equity Advisers. He finds out that the company he invested in is not what he expected. He files a lawsuit against Ang for the invested amount, with interest and expenses. Initially, he intended not to sue Mr. Tan but faces difficulties obtaining legal documents within the specified time frame.
ANG CHEW TEE’S DEFENSE
Mrs. Ang claims she was not an agent of Equity Advisers but a volunteer investor assisting other investors. However, it is proven that the scheme was fraudulent, as many investors, including Mrs. Ang, lost their money. Mrs. Ang joined the company in February or March 2020, met Mr. Foo through WhatsApp, and also claims to have fallen victim to fraud. Ultimately, it is proven that Mrs. Ang is not liable for Mr. Foo’s losses. The trial concludes with the judge dismissing Mr. Foo’s claim and requesting the parties to submit observations regarding expenses and compensation.”
