Hong Kong’s Securities and Futures Commission (SFC) today unmasked yet another fraudulent entity, this time bringing to light the clone firm Phmarkets Financial Limited (PHMARKETS) which was added its warning list of unregulated entities, according to a SFC statement.
PHMARKETS is operating from the site www.phmarkets.com, and lists its address at 3/F, China Building, 29 Queen’s Road, Central, Hong Kong. However, SFC said the cloned firm is using the details of an authorised firm operating under the name Peace Town Financial Services Limited.
As of the time of publication, the fraudulent entity has taken down all the website pages and the aforementioned link only leads to the member login page. It’s not clear if the site was taken down as a result of the warning or leading up to it. However, limited cached versions of the URL describe the company’s offering which includes providing foreign exchange, futures, stock selection and Spot Metals CFDs through MT4 trading platform.
Moma Protocol Raises $2.25m to Explore DeFi Potential Of Long-Tail AssetsGo to article >>
PHMARKETS is a common type of fraud known as ‘cloned firms’, which usurp the identity of an existing authorized entity in order to give the appearance of trustworthiness or legitimacy, and thereby to convince investors of its legitimacy.
Hong Kong’s financial regulator helps keep investors informed by drawing attention to suspicious operations and unregulated entities that market participants should abstain from doing business with.
The Alert List contains entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.
Last week, Finance Magnates reported on the SFC when the regulator issued a warning against Dukes Copy LTD, a fraudulent clone posing as Dukascopy Bank, a provider of foreign exchange (FX) and contracts-for-difference (CFDs).