Another FCA clone warning was issued yesterday. Reportedly, Algo Capitals is presenting itself as Algo Capital Management. What do we know about the fraudulent firm?
2 December, AtoZ Markets - UK’s Financial Conduct Authority (FCA) issued another clone entity warning. In FCA clone warning, the regulator states that Algo Capitals is presenting itself as Algo Capital Management Ltd.
FCA clone warning
Today, FCA issued a warning against another clone company, namely Algo Capitals. This firm is claiming to be the company with the name Algo Capital Management Ltd. The latter firm is an established FCA-registered company known as Algo Capital Management is a financial service provider, with its address at 24 Old Bond Street, London, UK. Moreover, the company operates online through the website www.algocapital.com. Also, it is an investment management company that serves institutional investors worldwide. Also, it serves people who have an interest in tailored fund management products.
On the contrary, the brokerage’s clone, Algo Capitals, claim to be a Forex and Binary options brokerage. The firm claims its address to be the Portland House, Bressenden Place, London, UK. Moreover, the clone firm operates through the website www.algocapitals.com. On their website, they state that “Customers should be further aware that any potential gains may also be taxed by suitable local authorities.”
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OSC previous warning against Algo Capitals
The Ontario Securities Commission (OSC) has already issued a warning against Algo Capitals earlier in September 2015. OSC has warned that the company does not have the authorization to solicit to investors in the Canadian region.
Also, OSC Algo Capitals warning included urging investors to be cautious about such individuals and companies that seem to be engaging in risky activities. Moreover, OSC stated that Algo Capitals has no authorisation for advising anyone with respect to investing in, buying or selling securities.
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