03 February, 2020 | AtoZ Markets – Scammers are looking for new ways to defraud consumers. But scams are reported to FCA more often. However, these scammers are targeting people in the UK to promote stocks, properties or other investment opportunities that are non-tradable, worthless, overpriced or even non-existent. Nowadays, scammers have adopted a new tactic using the name, 'firm registration number' (FRN) and address of FCA authorised firms and individuals to suggest. It looks authentic, but it is 'clone firm'.
Clone Firm Warning Capital International Management
FCA has posted the details of a clone firm on its website. In particular, the UK regulator has warned against Capital International Management Company, also known as CIMC. According to the FCA statement, it is a clone firm authorised by the European Economic Area (EEA).
Clone Firm Details (Clone of EEA Authorized Firm)
Fraudsters use or provide the following details as part of their tactic to defraud people in the UK:
- Name: Capital International Management Company / CIMC
- Address: 40 Bloomsbury Way, London, WC1A 2SE
- Telephone: 02036086007, 02036086024
- Email: firstname.lastname@example.org; email@example.com
- Website: www.cimctrading.net
This company is not authorised or registered by FCA but has targeted people in the UK, claiming to be an authorised company. Scammers may provide other false details or mix them with some correct details of the registered company.
EEA Authorized Firm Details
This company authorised by the EEA. This company has no association with the "clone company". Moreover, it has authorisation to offer, promote or sell services or products in the United Kingdom. Its correct details are:
- Firm Name: Capital International Management Company
- Firm Reference Number: 595918
- Address: 37A Avenue John F Kennedy, L-1855 Luxembourg, RCS Luxembourg B 41479, Luxembourg
Read More: ESMA Will Review New UK Financial Markets Rules after Brexit
Clone Details of Authorized Firm
According to the warning released today, the clone company pretends to be Capital International Management Company. Clone companies are fraudulent entities that copy the details of a legitimate company. The details are such as the name, website, address, registration details. However, some scammers even go so far as to complete copy of an FCA authorised company from their website, brand believing they are the legitimate company.
Earlier, The FCA issued a cloning notice on Lincoln FX to warn the public. The clone's website also attracted the victims by claiming the reference number of the authorised firm.
The FCA encourages traders to exercise caution, strongly advising against financing an account or investing through this specific company. FCA also stated:
“You also need to be aware to give money to an unauthorized company. However, the Financial Ombudsman Service or the Financial Services Compensation Scheme won’t cover you if things go wrong.”
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