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
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, http://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 LCG.
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The fraudsters masqueraded the websites under the names: London Capital Group Asia, LCGA Fxplatform, LCG Asia and LCG Forex. 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.
On the Tradex Capital Limited’s website it says, and I quote “The UK Financial Services Authority, one of the world’s most respected financial regulatory bodies, regulates us. ” Surely that alludes to still being regulated, even if it cites the previous version of FCA?
Here: http://www.tradexcap.com/aboutus.html under “Protection of Client Funds”. Not a banner, but written in plain text. I just wanted to make you aware that there was this conflicting information as you’ve stated in your article “On its website, Tradex does not pretend to be currently regulated”. Which is only true in one instance.
I’m aware of the current regulations re: offering financial services.
@Avi You’re welcome, just wanted to let you know. It does say on the main page that it is independent so the information provided on their website is misleading.
A warning on FCA website? Seriously? That’s the best FCA can do?
It Chinese clients cannot even tell the fake LCG from the real one, you think they are going to able to read a WARNING from the FCA website? Silly.
Check out another pure scam, faking JP Morgan, what can you do, a warning? yeah, like they give a xxxk.
http://www.jpmorganfx.co.uk/en/
just one more thing, until FCA hired a Chinese English Bi-lingual, this clone is never gonna stop.
For that scammers faking JP Morgan, I have to say, they really have the balls.