I've just found that these scam brokers are breaking yet another law by communicating with clients outside their own systems where records should be logged and kept for 6years. They should not be making any broker/client investment contact via whatsapp or telegram channels etc where client records cannot be maintained.
So, anyone soliciting or making investment contact via whatsapp and telegram can only be regarded as scammers because no legitimate investment firm would operate like that!
https://financefeeds.com/finra-susp...entative-whatsapp-use-business-communication/
February 26, 2020, 12:10 pm UTC
FINRA suspends Aegis Capital representative over WhatsApp use for business communication
Between November 9, 2017 and June 25, 2019, Paul Falcon used WhatsApp Messenger to conduct securities related business.
"Between November 9, 2017 and June 25, 2019 (the “Relevant Period”), Falcon used an unapproved third-party communication application, WhatsApp Messenger, to conduct securities related business with three customers of Aegis. Aegis was not able to capture the communications Falcon sent and received through WhatsApp Messenger. By virtue of the foregoing, Falcon violated FINRA Rules 4511 and 2010."
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https://www.finra.org/rules-guidance/rulebooks/finra-rules/4511
4511. General Requirements
The RuleNotices
(a) Members shall make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act rules.
(b) Members shall preserve for a period of at least six years those FINRA books and records for which there is no specified period under the FINRA rules or applicable Exchange Act rules.
(c) All books and records required to be made pursuant to the FINRA rules shall be preserved in a format and media that complies with SEA Rule 17a-4.
https://www.finra.org/rules-guidance/rulebooks/finra-rules/2010
2010. STANDARDS OF COMMERCIAL HONOR AND PRINCIPLES OF TRADE
The RuleNotices
A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.
Cross References–
1122, Filing of Misleading Information as to Membership or Registration
2111, Suitability
2121.01, Mark-Up Policy
2342, "Breakpoint" Sales
5130, Restrictions on the Purchase and Sale of Initial Equity Public Offerings
5210, Publication of Transactions and Quotations
5220, Offers at stated Prices
5270, Front Running of Block Transactions
5320, Prohibition Against Trading Ahead of Customer Orders
IM-10100, Failure to Act Under Provisions of Code of Arbitration Procedure
IM-11110, Refusal to Abide by Rulings of the Committee