In the never-ending battle of UK’s regulator, Financial Conduct Authority, with the trending “Clone Firms”, another case has been exposed. Considering that the following clones Ftradition and an Ikon Finance replicate were flagged a few days ago. Present-day, the UK FCA unmasks a Verrazzano Capital UK clone firm, under the adjacent business name: Verrazzano Capital. Shockingly, the name of the clone firm is exactly the same, making it very difficult for third parties to distinguish from the legitimate authorized firm with the fraudulent scam.
The clone firm, Verrazzano Capital, claimed to be an integrated part of the genuine authorized firm, whilst employing several tactics to mislead various clients. The Genuine firm; Verrazzano Capital SAS / Verrazzano Capital UK, is a equity specialist that offers custom made strategies in UCIT structures and Hedge funds. Looking more closely on the exact details of the genuine firm and fraud, one could only differentiate between their minor contact differences:
With immediate effect, the Clone firm has been terminated, whilst the business practice has been levied a fine and the website has been removed.
Due to the high number of “Clone” fraudulent cases, the FCA has encouraged forex clients to report of suspicious scams and probable clone firms on the market. Also on the Business-to-Business level, the FCA has stimulated firms to pay attention to any unauthorized clones on the volatile market.
