TechFlow news, December 30: A federal court ruled that NGS Group Limited and its affiliated companies, NGS Crypto and NGS Digital, illegally operated financial services without holding an Australian Financial Services (AFS) license. They are now permanently banned from conducting such activities and have been ordered into liquidation. Approximately 450 Australian investors reportedly invested around AUD 59 million through these companies, mostly via self-managed superannuation funds encouraged by NGS. The court has appointed professionals from McGrathNicol as liquidators to manage company assets and return funds to investors where possible. ASIC Deputy Chair Sarah Court stated that NGS operated with complete disregard for Australian financial services laws, depriving investors of basic protections. ASIC's investigation into the company and its directors is ongoing.
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