10 June, AtoZForex.com Lagos – The latest addition to the CRFIN’s black list is the company "PRIME FMS LTD". The company is seen to be promising customers bogus returns, with no real explanation as to its business dealings. PRIME FMS LTD promises a return on investment of 80% on amount invested within 90 calendar days with no guarantees nor transparency in its business model.
Therefore, there is no guarantee that the company actually has a means of making money besides disbursement of cash from new receipts from customers, therefore giving it a similarity to a ponzi scheme. Also, the company does not show evidence of any license held. As CRFIN blacklists, the self regulatory authority stated that:
“Please note that this company is not a member of CRFIN!
Thus, as of June 9, 2015 in the Black List TSRFIN included 46 companies.
TSRFIN warns citizens that investment in the specified Internet project could be associated with an increased risk of loss of some or all of your investment.”
Just yesterday, we reported the Russia’s financial self regulatory body, Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) has again red flagged another firm for promising unrealistic returns with little or no emphasis on the risk involve. This is in line with the body’s responsibility of development and implementation of standards and regulations governing activities of the Partnership members, supervising compliance with the standards and regulations, and performs analysis of the Partnership members’ activities.