The Malta Financial Services Authority (MFSA) issued a warning today against dealing with an Indian Forex money manager who falsely claimed to be licensed by the authority to provide investment services.
The regulator announced it is aware of an entity operating under the name ABFX Ltd or ABFX Inc., known to have an internet presence at www.alphabetafx.com. This website states that ABFX Ltd holds a Category 3 licence to provide investment services issued by the MFSA.
Legal Risk Factor Beneath Ripple’s Lawsuit from SECGo to article >>
In the announcement, the MFSA said it wishes to alert the public that “ABFX” is not a registered company in Malta nor is it an entity licensed to provide any type of financial service. The website operated by the entity contains false and misleading information. Accordingly, the MFSA warns the public against entering into any transactions or otherwise dealing with this entity.
“ABFX” claims to be offering managed Forex accounts based on three investment strategies with increased risk factors that have very exact returns of 60.00%, 120.00% and 180.00% accordingly. The website’s domain is registered under a private individual, Syed Mohamed Rafi, whose address is in India, not a company based in Malta. The MFSA did not go so far as to call ABFX a scam, but if so, an easy one to spot.