7 October, AtoZForex.com, Lagos – Russia’s Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) has again warned the public against a certain financial firm, operating without adequate transparency, and promising high returns to clients without reasonable guarantee.
Unity Finance Group
Unity Finance Group Ltd is the latest black listed firm. It plies its trade via the website https://unity.finance. The website operates in both English and Russian, therefore targeting clients from different areas, with an emphasis on the Russian market. On its website, the firm states its address as 16 High Holborn, London, UK, WC1V 6BX. The firm also states:
"An international project that offers a new approach to investing. To create the project were involved traders with years of experience who have passed a rigorous selection. Today, we have a team of five successful professionals, demonstrating the ability to manage large capital on the market FOREX.”
CRFIN concerns
These claims are questionable as the CRFIN pointed that there are no objective guarantees return on investment amounts and the promised interest. The business model does not have the degree of transparency sufficient for the recognition of the possibility of paying interest mentioned in any other way than from borrowed funds future customers.
Further more, it is noticed that potential customers are offered two tariff plans with fixed income with daily accrual of 0.5% and 1.5%, respectively, and the contribution period from 30 to 180 days. Minimum deposit amount 50USD. They also make active use of affiliate programs by assigning 5% of each recharge and multilevel referral program for members. This points to the workings of a simply a pyramid scheme which simply pays off older customers with funds received from new customers.
Unlicensed activities
Worse still is the fact that there is no information available about the permits and licenses, providing fundraising activities of individuals. The project is focused on the Russian-speaking audience, in particular, Russian customers, while the management of funds of individuals in accordance with the legislation of the Russian Federation requires a special license. The project used in marketing the concept of "contribution", "the body of the deposit," "rate of return", "reinvestment", typical of the banking business.
Therefore, this firm has been added to the CRFIN black list and the public is advised against committing funds to such a firm.
Think we missed something? Let us know down in the comments section.