Topic: Scam Alerts

I thought such a thread can only help.

The Commodity Futures Trading Commission (CFTC), the US financial regulator, announced that a US federal district court has unsealed a civil complaint of the Commission against two Israeli-based binary options brokers – VaultOptions (Vault) and GlobalTrader365 (GT 365). The CFTC claims the two companies have illegally solicited and defrauded 50 US customers of $1 million. Furthermore, VaultOptions and GlobalTrader365 do not have a registration as Futures Commission Merchants.

The CFTC complained that since at least October 2012 and continuing to present, the two companies operated websites for trading in binary options on forex pairs, commodities and stock indices. By US law such transactions must be carried out on a registered board of trade. Neither VaultOptions, nor GlobalTrader365, however, have been properly registered.

Worse still, the two brokers have cheated at least 50 US customers out of a total of $1 million. The scammers claimed the customer funds were insured against loss, made them pay additional fees before the initial funds could be returned and misappropriated customer funds.

http://smnweekly.com/2016/03/16/cftc-ac … s-brokers/

2 (edited by eliza.abrams21 2016-04-19 09:22:16)

Re: Scam Alerts

Belgium’s Financial Services and Markets Authority (FSMA) updated its blacklist of fraudulent companies and added the following companies to it, some of which are binary options brokers, others are FX brokers:

    Banque Investissement
    CapitalCourtage, Eich Invest Ltd, 10 Spheres Media Ltd and First Consulting SCS
    CEDIE
    E Trade Securities (cloned firm)
    FXSEP, SEP Global, Hedge Funds Liège 2015 and Fonds d’investissement Liège 2015
    G.M. Marketing Group Limited, Tradesolid and G.M. Software Solutions Limited
    GCI Financial LLC and GCI
    Lau Global Services Corporation, MXTrade and Taris Financial Corp.
    NG-Bank, Arian Financial, Alborg Trading Inc. and Kalahouse Limited
    Option500, Option Solution Group Limited and Option Solution Online Limited
    Service Qualité des Plateformes Boursières (SQPB)
    Stock Binary (cloned firm) and STB
    Swiss Investment (cloned firm), Global Capital Ltd, T.T.F. and SwissPartners AG
    Trading Technologies Ltd and Consorfx
    Zulutoys Ltd, RBOptions and RB Secured Processing Ltd

The above-mentioned firms not allowed to provide banking and/or investment services in or from Belgium. Besides, these companies have not met the requirement to publish a prospectus approved by the FSMA, before any public offering of investment instruments.

Furthermore, FSMA warns that many binary options/forex /CFD trading platforms operated by the aforementioned companies are used for fraudulent purposes and the funds invested could be misappropriated. The real piece of bad news is that, investors are unable to recover the amounts they invested, and their recourse against these illegal providers is generally limited since the latter are located abroad.

Source: http://smnweekly.com/2016/04/19/yet-ano … iums-fsma/

Re: Scam Alerts

ASIC issued a warning against the Ubinary binary options broker. According to a publication on ASIC’s consumer website Money Smart, the broker is not licensed in Australia and the Commission believes it is a scam.

“Do not deal with this business as it is unlicensed in Australia”, ASIC writes and adds it has made unsolicited calls or sent emails about investing to Australian residents.

According to the publication, the broker has a business address in Zurich and a bank account to the name of Option Logic Ltd, registered in the Sofia branch of UniCredit BulBank. According to the broker’s website, however, it is run and operated by UB Innovation Limited, registered on the Marshall Islands. The broker, however, does not provide any regulatory information.

Source: http://smnweekly.com/2016/04/22/austral … ns-broker/

Re: Scam Alerts

Hi Eliza,

Thanks for your efforts in keeping FSB users informed. 

Appreciate your kind intentions.

Hannah

Re: Scam Alerts

You're very welcome. smile

6 (edited by eliza.abrams21 2016-04-27 10:18:02)

Re: Scam Alerts

UK’s regulator, the Financial Conduct Authority (FCA) has issued a warning against the RBS Bourse binary options broker. According to the watchdog, the company is not licensed to provide financial services and advice in the UK, but has been targeting people in the UK residents. The FCA also notes that RBS Bourse does not have an affiliation with RBS Asset Management, a subsidiary of the Royal Bank of Scotland.

The broker's website is in French and it has been put on a warning list by France’s financial watchdog AMF, along with 20 other unauthorized binary options brokers.

Apparently RBS Bourse’s website is identical to the sites of several other unlicensed binary options brokers on the French list and is using the same layout, fonts and stock images.

Source: http://smnweekly.com/2016/04/25/uks-fca … ns-broker/

Re: Scam Alerts

France’s financial watchdog, the Autorité des Marchés Financiers (AMF) issued a warning against binaries trading software Preditrend on Friday.

The program is widely marketed via social networks, email campaign and through a couple of websites: predi-trend.com, preditrend.com and starupf5.com. These sites are related to WGM Services Ltd, a Cypriot company, operating as Eztrader, which has been recently fined by the Cyprus Securities and and Exchange Commission (CySEC).

The emails and websites promoting Preditrend are targeting the largest number of people possible, flaunting unrealistic promises about profitable trades and large gains to be made. Due to the hazardous nature of the offer and binary options in general, AMF urges the public to be on alert regarding Preditrend and all similar algorithmic trading offers.

Source: http://smnweekly.com/2016/04/29/france- … reditrend/

8 (edited by eliza.abrams21 2016-05-04 09:41:24)

Re: Scam Alerts

Italy’s financial regulatory body CONSOB issued on Monday a warning notice against CVC Ltd., trading under the CVC Groups brand, is not authorized to provide financial services in the country, including trading in forex instruments.

The watchdog noted that CVC Ltd., cvcgroups.com, is not related to CVC Capital Partners Group Ltd. and its subsidiaries.

On its website, CVC Group claims it is an electronic communication network (ECN) forex broker that is based in Anguilla, but it provides no information regarding regulation or authorization.

Source: http://smnweekly.com/2016/05/02/italy-c … vc-groups/

Re: Scam Alerts

New Zealand’s watchdog, the Financial Markets Authority (FMA), has added United Global Holdings Limited to its list of businesses to be wary of. The company trades as FX United and has two websites: fxunited.com and fxunitedpowerinternational.com. According to the FMA, the company falsely claims to be endorsed and highly regulated by the watchdog.

The FMA notes that it does not legitimize or endorse any entity in this manner and recommends New Zealand consumers to be extra careful when dealing with any business claiming to be endorsed by the FMA.

Source: http://smnweekly.com/2016/05/05/new-zea … fx-united/

Re: Scam Alerts

Hong Kong’s Securities and Futures Commission (SFC) has added FX Protrade and 5Markets Limited to its alert list. It contains companies who are not authorized to provide financial services in Hong Kong, are claiming to be somehow associated with it, or are believed to be or have been targeting investors in Hong Kong. The information in the alert list is provided as an early warning service to investors but is not a substitute for investors conducting their own due diligence by checking up on a particular entity.

According to the SFC, Fx Protrade has an address in the UK and runs the website fxprotrade.com. The watchdog notes that the company is not licensed to provide financial services in Hong Kong. It is apparently associated with 5Markets Limited, which is also unlicensed and included in the alert list.

According to 5Markets' website, it has offices in the UK, France, Cyprus and Bahrain, but does not provide any regulatory information. With regard to 5Markets, the SFC notes that unlicensed entities often use names similar to legitimate companies to confuse investors.

Curiously, a company with a very similar name – 5markets Ltd. – has been added to SFC’s alert list back in February 2015.

Source: http://smnweekly.com/2016/05/06/hong-k … lert-list/

Re: Scam Alerts

Belgium’s Financial Services and Markets Authority (FSMA) issued on Wednesday a warning regarding the increased activity of boiler and recovery rooms in the country by entities unauthorized to target local citizens.

The regulator published the names of 11 entities that act as investment firms or credit institutions, but have not been authorized to do so. They mainly target company managers and directors.

In boiler room schemes, fraudsters contact customers, often by phone, and offer to sell them questionable or exotic financial products. They present themselves as being authorized and eligible businesses, when in fact they offer fictitious or worthless products. Investors are promised high profits and lured into depositing a certain amount after which they receive a fast profit. However, soon after, fraudsters ask for additional investments which end up being losing ones. In order to get their money back, investors are asked, often through pressure, to make further payments.

Recovery room frauds refer to a practice where fraudsters contact victims of an earlier fraud, again by phone, to offer them assistance in recovering their losses. Investors are required to pay fees, which, however, are lost and do not result in getting their money back.

Source: http://smnweekly.com/2016/05/04/belgium … m-schemes/

12 (edited by eliza.abrams21 2016-05-18 09:38:28)

Re: Scam Alerts

The Malta Financial Services Authority (MFSA) has issued a warning against the Alphacmarkets forex broker.

According to the announcement, Alphacmarkets Europe is falsely claiming that it is licensed by the MFSA. Worse still, the broker is misleading the public by using the trading name of a legitimate broker – Alpha Markets, which is regulated by UK’s FCA and provides forex trading on the website alphatradingfloor.com.

Hence the MFSA warns the potential investors to avoid doing business with the clone and reminds them to check the authorization of any entity they are planning to enter in financial services transactions with.

Source: http://smnweekly.com/2016/05/16/maltas- … acmarkets/

Re: Scam Alerts

The Australian Securities and Investments Commission (ASIC) published, through its consumer website MoneySmart.gov.au,  warning notices against unlicensed binary options brokers FM Trader and RTG Direct Trading. The regulator noted two two companies could be involved in a scam and advised all traders to not engage with them.

Neither FM Trader (fmtrader.com) nor RTG Direct Trading (rtgtrading.com) are registered or regulated as financial service providers in Australia, the ASIC said. Despite this, both entities have contacted, through calls or emails, local investors and offered them their services.

On their websites, both entities offer trading in binary options on currencies, commodities, indices, and stocks. FM Trader, a brand of FM Marketing LT, is based in Belize and is licensed by the Financial Services Commission (IFSC), while  RTG Direct Trading provides no information regarding licensing or authorization.

Earlier this year the Manitoba Securities Commission (MSC), the financial regulatory body of the Canadian province of Manitoba, also issued a warning against Financial Market Trader, or FMTrader, for operating without being authorized or licensed.

Source: http://smnweekly.com/2016/05/18/asic-wa … t-trading/

14 (edited by eliza.abrams21 2016-05-25 09:04:47)

Re: Scam Alerts

The Spanish financial watchdog CNMV has joined its Bulgarian counterpart  the Financial Supervision Commission (FSC) and warned the public of the unauthorized forex broker Tiger Asset Management.

In its publication CNMV notes the company is not authorized to provide investment services, financial advice and auxiliary services in relation to the financial instruments transactions on foreign currency.

This is the sole concern of CNMV, whereas Bulgaria’s FSC also warned that Tiger Asset Management is a clone of a German-regulated company of a very similar name.

Source: https://smnweekly.com/2016/05/17/spains … anagement/

15 (edited by eliza.abrams21 2016-05-28 11:45:06)

Re: Scam Alerts

UK’s financial services watchdog, the Financial Conduct Authority (FCA), has issued a warning against the companies TRD Brokers and TRD Futures Group.

According to the FCA, the two are not authorized to provide financial services in the UK, but have nevertheless been targeting residents of the country. The watchdog notes that being unauthorized, the companies might be actually committing share fraud – scams when fraudsters cold-call investors offering them worthless, overpriced or even non-existent shares. While they promise high returns, those who invest usually end up losing their money.

Source: https://smnweekly.com/2016/05/25/uks-fc … -cautious/

16 (edited by eliza.abrams21 2016-06-01 09:45:24)

Re: Scam Alerts

Spain’s financial regulatory body, the Comision Nacional del Mercado de Valores (CNMV), issued on Monday a warning agains the operator of forex trading website tradingforex.es for providing investment services without being registered.

The regulator warned that the website is not authorized to provide in the country investment of auxiliary services, including investment advice on forex trading.

The Spanish regulator maintains a register with investment companies that are authorized to operate in Spain. In order to operate lawfully, companies need to obtain a license by the local relevant authorities or the authorities of any other EU member state.

Source: https://smnweekly.com/2016/05/30/spains … gforex-es/

Re: Scam Alerts

Russia’s commission for the regulation of relations on financial markets KROUFR issued on Wednesday a warning notice regarding its decision to blacklist forex service providers Vomma and DartTrader, both of the same origin, for not allowing clients to withdraw their funds.

The founders of both Vomma, and DartTrader, are affiliated with A&P Financial Group, which closed without returning investors their deposits, leaving them at a significant loss.

Both brokers have been recruiting new clients by offering them bonuses for registering with them and funding their accounts. However, once they deposited an amount, traders could not carry out a transaction or get their money back. When asked by traders wat the reasons were for not being able to access their funds, the either of the brokers provided an answer.

Source: https://smnweekly.com/2016/05/26/russia … arttrader/

Re: Scam Alerts

The Manitoba Securities Commission (MSC), the financial regulatory body of the Canadian province of Manitoba, issued a warning last week against binary options broker Magnum Options after an elderly woman lost $10,200 by trading with them. The entity has no authorization to provide binary trading within Manitoba, or any other provide in Canada.

Source: https://smnweekly.com/2016/06/06/canada … m-options/

Re: Scam Alerts

Italy’s financial watchdog, the National Commission for Companies and the Stock Exchange (CONSOB) warned against the binary options broker UniqOption.

According to the announcement on the regulator’s site the companies AL–Trade Ltd, Al Group Ltd and Go Trading Technologies Ltd are not authorised to provide investment services and investment activities by any means, including through the internet site uniqoption.com.

According to the information on the website, it is owned and managed by Al-Group Ltd with an address on the Carribbean island of Dominica. It does not provide any regulatory information, but promises 81% payouts, 100% bonuses, easy withdrawals and deposits and a feature, called “Trader’s Choice”, which allows copy trading.

The reason for CONSOB’s warning are investor complaints about being unable to withdraw their investments.

Source: https://smnweekly.com/2016/06/07/italys … es-broker/