UK Watchdog Warns against a Boiler Room Scam Clone Targeting Asian Traders as LCG
- The British Financial Conduct Authority issues warnings against a Singapore-based clone website pretending to be London Capital Group Asia and about an unauthorised or "independent" firm targeting UK investors.
The British financial markets regulator, the Financial Conduct Authority (FCA), recently issued two new warnings to the public about more scammers found to be using the identity of a regulated firm to target potential Asian victims and a UK firm providing financial services without the FCA authorisation.
Clone FX websites, and especially Asian clones, are a growing menace for investors, judging by all the recent warnings. This time, the FCA has discovered a group of websites (www.lcga-fx.com, www.lcga.asia.lid-cn, https://indo.lcga-fx.com and www.fxlcg.com) operating in a number of Asian languages such as Chinese and Indonesian Malay, while pretending to be related to the UK Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term LCG.
The fraudsters masqueraded the websites under the names: London Capital Group Asia, LCGA Fxplatform, LCG Asia and LCG Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term. The FCA said the scammers gave out the credentials of LCG and used boiler room methods, meaning high pressure sales tactics to pressure traders to deposit funds and lose their money. The domains are actually registered in Singapore and Malaysia, not London, so caution could have helped traders see through this scam even before the FCA warning.
The British financial markets regulator, the Financial Conduct Authority (FCA), recently issued two new warnings to the public about more scammers found to be using the identity of a regulated firm to target potential Asian victims and a UK firm providing financial services without the FCA authorisation.
Clone FX websites, and especially Asian clones, are a growing menace for investors, judging by all the recent warnings. This time, the FCA has discovered a group of websites (www.lcga-fx.com, www.lcga.asia.lid-cn, https://indo.lcga-fx.com and www.fxlcg.com) operating in a number of Asian languages such as Chinese and Indonesian Malay, while pretending to be related to the UK Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term LCG.
The fraudsters masqueraded the websites under the names: London Capital Group Asia, LCGA Fxplatform, LCG Asia and LCG Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term. The FCA said the scammers gave out the credentials of LCG and used boiler room methods, meaning high pressure sales tactics to pressure traders to deposit funds and lose their money. The domains are actually registered in Singapore and Malaysia, not London, so caution could have helped traders see through this scam even before the FCA warning.