The Marshall Islands is a small nation in the middle of the Pacific Ocean. Comprised of over a thousand small islands, the country is famous for its shark attacks, radioactive waste, and US military bases.
But did you know that the Marshall Islands is also a place that many less punctilious brokers like to go to register their businesses?
That’s because the country has some fairly lax laws regarding business registration and the financial regulatory authorities, which can be seen in the picture below, haven’t formed any laws governing retail trading.
Thus, it should come as a surprise to no one that the Central Bank of Ireland felt obliged to advise traders not to do business with Capital Hall this Monday.
The retail broker says that it is registered in the Marshall Islands but also appears to have operations in Bulgaria.
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That wouldn’t be surprising as the owners of one Marshall Islands broker were unmasked as a group of Ukrainians by police in the eastern European country at the end of last year.
Not the first time
The owners of Capital Hall, Capital Tech Ltd., have actually been flagged by other financial regulators in the past. In October of last year, for instance, CONSOB, the Italian regulator, ordered the firm to stop offering its services to Italian citizens.
Reviews of the broker on a number of different websites tell the same old story – I deposited my cash and then couldn’t withdraw it. The company made up some reason as to why I can’t withdraw and told me I have to give them more money in order to get my deposit back.
All in all, this is nothing but your run of the mill, average Joe, boring old scam broker. If you are thinking of trading with them, don’t do it. And if you already deposited cash with them, say farewell to your money forever.