Another Clone Surfaces, FCA Flags SpectraFX Investment Team

This Friday, the Financial Conduct Authority (FCA) announced on its website that it has, yet again, flagged further entities as suspicious, warning that they could be involved in some kind of scam. One of those entities is SpectraFX Investment Team.

According to the warning from the British regulator, Spectra FX Investments Team is a Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm which has copied the details of an FCA-authorised firm. The legitimate entity has a very similar name - Spectra FX solutions LLP, which with the clone firm is claiming to be associated.

As a result, the UK watchdog has labeled SpectraFX Investment Team as a clone firm. Clone firms, as the name suggests, clone the details of legitimate companies in order to trick consumers into believing they are legitimate.

This entity, in particular, has chosen a name that would lead people to believe that it is connected with the legitimate firm. However, the FCA highlights that Spectra FX Solutions LLP has nothing to do with the unauthorized entity.

FCA Reveals Details of the Clone Firm to Protect Consumers

The clone firm, Spectra FX Investments Team, operates via its website https://spectra-fx.com. However, it appears that this website is no longer operational, or at least, this author can no longer access it.

Furthermore, the clone firm claims to based at 76 Blenheim Road, Cheadle Hulme, Cheadle, Cheshire, SK8 7BA, United Kingdom and has social media accounts on both Instagram and Facebook.

The legitimate company, Spectra FX Solutions LLP, is authorized to offer, promote or sell services or products in the UK. As set out by the regulator, its details are as follows:

Firm Name: Spectra FX Solutions LLP

Firm Reference Number: 521446

Address: St. Peters House, 130 Wood Street, London, EC2V 6DL, United Kingdom

Telephone: 44 02079361700

Website: ukcompliance@louiscapital.com

“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA warned in the statement.

FCA Flags K2 Wall Street

Today, the financial regulator also blacklisted another firm which it believes to be suspicious - K2 Wall Street, a provider of 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 and cryptocurrency trading.

According to the warning, the entity is not authorized to be operating in the United Kingdom, however, it is doing so anyway. Furthermore, K2 Wall Street claims to be regulated and licensed in the UK, which, when considering the FCA's warning today, is a false statement.

Because of this, residents of Britain should avoid dealing with this company as it has the characteristics of a scam.