FCA Announces New Clone Companies on the Blacklist

November 23, 2018 AtoZ MarketsThe Financial Conduct Authority (FCA) has issued a new warning about another clone company, that was operating outside the FCA regulatory framework.

In its warning, FCA said yesterday that Capital Markets, which operates under the name of “Mayfair Capital Markets.”, is a clone firm, impersonating the aforementioned name, which is a regulated business entity operating under the FCA’s regulations.

The clone firm, which uses the website of http://www.mayfaircapitalmarketsltd.com/, used almost identical details and information, to confuse people with the regulated firm Mayfair Capital Markets Ltd, the thing that has been recently identified as a standard for scammers to use in their endeavours in cloning authorized companies, to allege they provide legitimate services and that they are trusted sides for people to deposit their money with.

Scammers have adopted a set of techniques for their “business”

Another trick scammers usually use in such kind of fraud, is to mix authentic information they obtain from legitimate sides, with their fake details together, while they –the scammers- care much about copying the same address details from the target company.

The FCA pointed out to such kind of practices scammers and fraudsters usually follow, which included copying the registration details of the cloned company, so that they appear credible to traders and entrepreneurs.

The broad headline the fraudulent company introduced itself to the public was that it offers “investment management services and advice”, which is open itself to a wide range of services that can pour loads of money into its bank account.

In a connected news, the FCA warned last Tuesday against yet another clone company, named “World Techno Trade” which had cloned the company of “True Trade Limited”.

The clone firm alleged it was registered with the FCA and has their licence, using the registration number the FCA had issued to the legitimate company here, to appear an authorized business entity.

Share Your Opinion, Write a Comment