Hong Kong’s regulatory body Securities and Futures Commission (SFC) warned of the existence of a new fake regulator – the Hong Kong Foreign Investments Trade Authority (HKFITA).
In the new entry on its Alert List, the SFC says that the HKFITA is falsely claiming that it is a regulator for the securities and futures markets in Hong Kong. Furthermore, it’s offices are not at the provided address (Nine Queen’s Road Central, 23rd floor, Hong Kong).
The SFC clarifies that creating a fake regulator and/or market operator website is a trick, often used by scammers to trick the more gullible investors into believing that the certain unauthorized financial institution is properly regulated and supervised and everything is legitimate.
“The scammers create a website for a non-existent financial regulator or market operator with a plausible name”, the SFC warns. “Such a website is usually sophisticated and often contains up-to-date financial news to create a false impression of authenticity. In fact, no such financial regulator or market operator exists under that name.”
Source: theforexreview.com/2016/02/11/hong-kongs-watchdog-sfc-warns-of-fake-regulator/'
In the new entry on its Alert List, the SFC says that the HKFITA is falsely claiming that it is a regulator for the securities and futures markets in Hong Kong. Furthermore, it’s offices are not at the provided address (Nine Queen’s Road Central, 23rd floor, Hong Kong).
The SFC clarifies that creating a fake regulator and/or market operator website is a trick, often used by scammers to trick the more gullible investors into believing that the certain unauthorized financial institution is properly regulated and supervised and everything is legitimate.
“The scammers create a website for a non-existent financial regulator or market operator with a plausible name”, the SFC warns. “Such a website is usually sophisticated and often contains up-to-date financial news to create a false impression of authenticity. In fact, no such financial regulator or market operator exists under that name.”
Source: theforexreview.com/2016/02/11/hong-kongs-watchdog-sfc-warns-of-fake-regulator/'
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