Swiss and British Financial Watchdogs Warn of More Unregulated Brokers and Scam Clones

An increasing number of scammers are being exposed by regulators worldwide for the identify theft of legal corporations or targeting clients in markets where they are not authorized or licensed to.

The UK's Financial Conduct Authority (FCA) recently reported that it had discovered two more such clone firms. City Equities Ltd, which on its site (www.cityeq.com) claims to have over 25 years' experience and a license from 15 regulatory bodies, is in fact a "Boiler Room" scam, ripping off the name of City Equities Limited with which it has no association.

The second "Boiler Room" clone scam recently reported by the FCA goes by the names of, Fredric & Formby, Fredric and Formby and Fredericks Ltd. The fraudsters behind this scheme did not even bother to create a website, and targeted their victims via phone calls and an email address (enquiries@fredricformby.co.uk). The scammers involved stole the identity of Miss Charlotte Louise West of the Royal Bank of Scotland.

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