The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today exposed another fraudulent entity, this time bringing to light a clone that has been posing as ADS Securities, one of the heavyweight FX and CFD brokers in Europe and the Middle East.
London-based brokerage ADS Securities London Limited is a subsidiary of ADS Securities LLC which is authorised by the Central Bank of the UAE. The Abu Dhabi-headquartered parent company works in partnership with ADS London, which is regulated by the FCA in the UK, and both are wholly owned subsidiaries of ADS Holding LLC. The FCA-regulated entity which is accessible online via www.adsprime.co.uk, is based at 125 Old Broad Street, London, UK.
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By contrast, the company’s clone, Global Marketing Online Limited, has been operating via several websites including www.ads-securites.com/home. The watchdog states in its announcement that the suspicious firm is situated at Office 7, 35-37 Ludgate Hill, EC4M 7JN, London.
Finance Magnates found that the associate website for the clone firm has been suspended. The exact details of this company’s operations are therefore unavailable, however, it is clear from the domain name that its operators were attempting to deceive investors into believing that it was ADS Securities.
This latest case is one of many clones that have attempted to scam individuals through the deployment of illicit means and misleading information. The FCA added in its statement that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and thus urges caution in the event that they are contacted by anyone claiming to work for the firm in question.
The watchdog has also advised investors to ensure that they only deal with financial firms that are authorised by checking the Financial Services Register.