The Securities and Futures Commission (SFC) of Hong Kong added two new additions to its Alert List on Thursday. This time, it is KB Capitals and Times Global Capital Group Limited (TGC Group) that have the honour of being flagged by the financial watchdog.
According to the warning from the securities watchdog, KB Capitals is an unauthorised entity offering financial services in Hong Kong. Previously, the firm claimed that its legal address was Unit F, 11/F, CNT Tower, 338 Hennessy Road, Wanchai, Hong Kong. It did so under the name of Global Media Broadcast Limited.
However, the watchdog warns that this address actually belongs to a secretarial company. In the statement, it adds that KB Capitals could be trying to trick investors into believing that it is a registered firm by providing the address of a legitimate company.
According to KB Capitals’ website, it is a forex trading provider that was originally founded in 1997. At this time, the company was called JCF consult and in 2010 it rebranded to KB Capitals or KBC.
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The firm is now claiming that its legal address is 108841, city of Moscow, city of Troitsk, ul. 2-nd Scientific, 4/2, p. VI, com. 3. It also allegedly has its office at Wagramer, Str. 9, 1220 Wien, Austria. The firm’s website can be accessed at www.kbcapitals.com.
SFC flags forex broker Times Global Capital Group Limited
The second company flagged is Times Global Capital Group Limited, a firm that claims to be a forex broker. The firm appeared on the financial watchdog’s radar as it is offering financial products in Hong Kong without a licence. On its website – www.tgcgroupfx.com – it invites investors to trade forex through its platform. It also claims to have MetaTrader 4 capabilities.
According to the broker’s website, TGC Group was founded in Hong Kong in 2010. It claims to have been in close cooperation with numerous well-known banks such as HSBC (Hong Kong and Shanghai Banking Corporation), DB (Deutsche Bank) and Citi (Citibank).
Investors should be wary of the aforementioned companies, as with all companies that appear on a financial regulator’s warning list.