Here it is folks, your daily reminder that the never-ending war on boiler room dwelling scammers is indeed never-ending. This Thursday, the Financial Services and Markets Authority (FSMA), a Belgian regulator, released the names of six firms it said were trying to sell their services to citizens of their Chocolate loving country.
Before tackling what exactly it is these fraudsters are up to, here is the full list of firms that the FSMA is warning the public about. After all, we wouldn’t want you to get caught out by one of them.
- Asahi Marusan Management (AMM) – www.ammsecurities.com
- Cruzinvest.uk / Publicprivatebank.com – www.cruzinvest.uk
- Kangyo Yokohama Securities (KYS) – www.kysecurities.com
Shinsei Securities (SS) – www.shinseisecurities.com
- Sumitomo Gunma Holdings (SGH) – www.sghtrading.com
- Yamaguchi Laurentian Securities (YLS) – www.ylsinternational.com
Being the keen-eyed reader that you are, I’m sure you have noticed that the bulk of these firms are not like the fraudsters we usually report on here at Finance Magnates. For one thing, they aren’t trying to hock binary options, cryptocurrency or forex products.
FSMA Saves the Day
More interestingly, at least for this author, is the fact that they, except for Cruz Invest, don’t purport to be in Europe either. Most of the time, fraudsters will have fake offices and phone numbers, as Cruz Invest does, with a British address. If they have any licensing at all it’s usually from some ex-US military base out in the middle of the Pacific Ocean.
How the OKEx Saga Reveals the Need for Decentralized ExchangesGo to article >>
No, these brokers are, bar Cruz Invest, all based in East Asia. All purport to have offices in Tokyo with YLS claiming to have an additional Canadian office and SGH a South Korean one. AMM also says it has an office in China alongside its operations in Tokyo.
As much as I would like to, I can’t fly over to anime land to confirm whether or not these offices are actually real. Past experience has taught me that they almost certainly fake.
Most of these firms list fake address to give themselves an air of legitimacy. They then operate from wherever they feel like – this author’s guess is that, for these firms, they are operating from China or a South-East Asian country.
Anyway, now you know who they are, don’t give them any of your money. They will just take it, give you a bit of profit and then encourage you to deposit some more cash for even greater returns. After that, you can kiss your hard-earned cash goodbye.
The scammers won’t allow you to withdraw your funds and will probably stop contacting you. Who knows, maybe they’ll use the money to go on holiday to Belgium.