New Zealand Regulator FMA Issues Five Warnings of Suspected Scams

The warnings from the FMA include fake regulator FIAA.

New Zealand’s Financial Markets Authority (FMA) on Thursday released five warnings on its website after receiving a number of reports of potential scams.

The financial watchdog determined that the Foreign Investment and Acquisition Authority (FIAA) is falsely claiming to be a financial services regulator. In addition, it found that three other companies have the characteristics of a scam and an unidentified third-party is falsely claiming to be affiliated with a New Zealand registered company.

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According to one of the warnings, the FIAA has been endorsing products or services from suspected scams. The FMA stressed that the company is not a legitimate regulator and strongly advises caution with any companies it has endorsed.

Suspected scams

Among the FIAA’s endorsements are Kauri Ventures and Anaru and Partners. Kauri Ventures offers investment expertise for businesses and operates at www.kaurivent.com. Anaru and Partners (www.anarupartners.com) claim to create successful exit strategies and sustainable growth for businesses through its mergers and acquisitions services. The FMA has warned that neither company is registered in the country, nor registered to provide financial services.

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US-based Endeavor Capital Partners was also blacklisted by the FMA, with the regulator stating the company is making unsolicited contact with New Zealand residents. The company offers insurance products to business and operates at http://www.endevrcapital.com/.

A separate warning from the FMA involves Everest International Group Limited (now Everest Peak Technologies Limited), otherwise known as Everest. According to the statement, an unidentified third-party is claiming to be involved with Everest and are offering derivatives through www.everestinter.com. Inquiries from the watchdog have found that neither Everest or its director have offered derivatives and they do not operate the website. 

Exercise caution

The number of warnings from the FMA is growing rapidly, and the watchdog has repeatedly urged the public to be alert to the growing threat of unauthorized companies.

On its website, the FMA recommends that before investing, investors should check the provider is licensed on its website to protect themselves from scams.

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