Admiral Markets Impersonators Target LTAM Investors

Admiral Markets, a multi-regulated FX and CFDs brokerage firm, on Monday, warned investors of fraud attempts involving individuals posing as Admiral employees in order to gain sensitive information or steal money.

The fraudulent scheme mainly focuses on Latin America and involves a phone call or email offering potential clients managed accounts on behalf of Admiral Markets, a product that the company doesn’t support.

The fake staff contacted clients registered with other broker websites to request trading deposits, and by email to send client agreement forms for completion, which prompted action from the regulated company. Admiral Markets confirmed that it has no association whatsoever with ‎the aforementioned scammers and advised everyone to avoid it entirely.‎

The alert notes that "clients should be aware that Admiral Markets does not offer managed accounts, nor do we authorise third parties to manage accounts for our clients."

Admiral Markets expands ‘real’ offering

The fraudulent scheme is indeed attempting to mislead investors into ‎thinking that it is offering ‎a ‎‎legal product by using the ‎details of an authorized firm operating under a similar name.‎ It also claims to be ‎licensed by the FCA, ‎using the regulated firm’s registered ‎address and making reference to its ‎actual website, a typical move for a scam ‎company to gain the ‎trust of unsuspecting clients.

The original company, Admiral Markets (UK) Ltd, is licensed by the UK ‎Financial ‎Conduct Authority (FCA) to offer a set of financial services and ‎also approved to ‎provide cross-border services across the EU / EEA under ‎European passport rights.‎

Admiral Markets’ offering has seen dramatic additions in the past few months. The Estonian-based firm has recently increased its lineup of Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term-traded fund (ETF) derivatives for its Admiral.Invest account type, with the addition of 177 new CFDs.

In its statement, Admiral Markets was keen to spell out to ‎investors the risks of dealing with fraudulent providers. It further stated: ‎”Any other unauthorised persons, companies or websites using the Admiral Markets brand for fraudulent activities, not only break the applicable laws, but also do not comply with the basic rules of investor protection, information disclosure, claims handling and other regulatory Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term.”