FCA Warns Against Suisse Securities Clone Firm


The FCA has warned against a clone firm, Credit Suisse Securities which claims to be an authorized firm but scams potential victims in the UK.

November 19, 2019, | AtoZ Markets – It might only be the second day of the week, but already the Financial Conduct Authority (FCA) has published a statement on its website, warning against Credit Suisse Securities, which it believes is a clone firm.

As the name suggests, clone firms are fraudulent entities that copy details of a legitimate firm. They copy their name, website, address, registration details, etc. Moreover, some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.

Clone firms are a big problem in the foreign exchange (forex) and cryptocurrency sectors. As AtoZMarkets reported, OctaFXFXCM UK and AGM Invest, among others, have all been targeted by clone firms.

Credit Suisse Securities is a clone firm

The warning from the FCA this Tuesday against Credit Suisse Securities states that this entity is a clone firm of Credit Suisse Securities (Europe) Ltd, which offers investment banking services. The Company offers equity and debt private placements, corporate financing, asset management, and valuation advisory solutions. Credit Suisse Securities (Europe) also serves customers worldwide.

In the warning, however, the UK regulator states: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm.’”

However, the regulator has provided the following as the details of the authorised firm:

Firm Name: Credit Suisse Securities (Europe) Ltd

Firm Reference Number: 124611

Address: One Cabot Square, London, E14 4QR, United Kingdom

Telephone: 02078888888

Website: www.credit-suisse.co.uk

Crypto Scams are on the Rise

Financial scams, particularly regarding cryptocurrencies, are on the rise. According to a recent report from the British and French authorities’, scams related to cryptocurrencies have become widespread. According to the FCA, investors lost about £27 million to forex and digital currency scams in the 2018/19 fiscal year. In addition, an Autorité des marchés financiers (AMF) in its annual report also noted that the number of crypto-related scams skyrocketed in 2018.

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