The FCA has uncovered another clone firm, OptionFX. The copycat brokerage has copied PIA-First Limited’s FCA Firm Reference Number.
December 17, 2019, | AtoZ Markets – The British Financial Conduct Authority (FCA) has warned the public about Option Four Ltd, trading as OptionFX, a supposed clone firm offering fraudulent crypto investments.
Using details of an FCA-authorized firm
According to the FCA warning published on December 17, OptionFX is posing as authorized firm PIA-First Limited. OptionFX looks different from the official PIA-First Limited’s website, including the logo, However, the fraudulent site exploits the company’s reputation by featuring its official website address at the foot of each web page. It has also listed all its regulatory license numbers.
The fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:
Option Four Ltd trading as OptionFX (Clone of FCA Authorised Firm)
Address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands
Telephone: 0203 807 6854; 0203 368 8771; 0203 936 2650; 0203 936 1712; 0203 936 1977; 0203 936 2435; 0208 089 0983
Email: email@example.com, firstname.lastname@example.org
The correct details of the legitimate firm are as follows:
FCA authorized firm details
Firm Name: PIA-First Limited
Firm Reference Number: 787261
Address: The Old Rectory, 19 Guithavon Street, Witham, Essex, CM8 1BJ, United Kingdom
Telephone: +44 3300010880
Clone firms posing as legal entities
The scam entity claims to provide trading services for cryptocurrencies, forex, and CFDs. In its statement, the FCA warned the public against clone firms — fraudulent entities that copy details of legal firms, such as their name, website. They also copy their address or firm reference numbers in order to mislead investors to think that they do represent the actual firm. The regulator added:
“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.”