The activities, carried out by CySEC and CFTC impersonators in the Caribbean have been revealed by the Cypriot regulator, as the scam firm contacted clients. Which purposes did the firm seek?
21 October, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) has informed the public that it has come to its attention that an unidentified company from the Caribbean is impersonating the Cypriot financial regulator.
CySEC and CFTC impersonators
To be more specific, the Caribbean firm appeared presenting itself as various regulatory bodies, such as CySEC or the US Commodity Futures Trading Commission (CFTC). The purpose of this fraudulent activity appears as the will to conduct the illegal transactions.
The unknown Caribbean firm is illegally using the logo and the name of CySEC, as well as the other false contact information, and then the firm is presenting itself as CySEC or CFTC. According to the official document by CySEC:
The unknown company contacts investors-clients of various entities to which the CFTC has imposed fines, promising to “assist” the said investors to be compensated for damages incurred during their cooperation with the aforementioned entities, in exchange for a legal fee.
The important note from the regulator
This is not the first time such situations are occurring, as CySEC has already issued similar warning twice – dated November 2015 and June 2016. These cases are related to individuals falsely presenting themselves as CySEC officers and using untruthful emails to contact clients.
In relation to the Caribbean firm, the Cypriot regulator highlights that the regulator:
Is not connected in any way with the above-mentioned company or individuals that are behind it, and that it never sends unsolicited correspondence to investors or members of the public requesting their personal and/or bank details and/or that they make any sort of financial transaction.
Moreover, as the activities of CySEC and CFTC impersonators have been revealed, the Cypriot watchdog has mentioned that it does not authorize, monitor, of verifying or, is in any way involved in payments between legal or natural entities or any public or private agencies.
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