FINMA Adds Marcus Korsten Clone to Warning List

Fraudsters appear to have been posing as the FCA-regulated financial services firm

The Swiss Financial Market Supervisory Authority (FINMA) released a statement warning the public against trading with a clone of Marcus Korsten Investments this Thursday.

Unlike its fellow regulatory bodies, FINMA doesn’t always go into great detail regarding as to what it is a firm has done to warrant it being added to its warning list.

Discover iFX EXPO, Your Gateway to Asian Markets!

But in general, most firms put on the Swiss regulator’s list, just like companies put on other regulator warning lists, are scams.

In this instance, the firm appears to be imitating a genuine firm.

Based in Germany, the real Marcus Korsten is regulated by the Financial Conduct Authority (FCA).

Unlike the real Marcus Korsten, the clone version of the firm, says that its headquarters are based in Switzerland.

Clone firms operate in a very similar way to other scam investments.

Suggested articles

The Rising Star of the DeFi Project, GIBXSwap, Passes CertiK Security AuditGo to article >>

FINMA – catching the fake address fraudsters

Like, for example, a fraudulent foreign exchange broker, they entice clients by offering some kind of bogus investment with extremely high returns. The scammers’ favorite financial instrument over the past twelve months has been cryptocurrency.

Of course, once an investor has handed over their money, they will never see it again.

The scammers will, however, often use a fake trading platform of some description.

These fake platforms can be accessed online and give a user the impression that they are making loads of money.

Once a scammer has milked a trader for all they are worth, they will then spit them out and cease all form of contact with them.

Along with fake brokers, clone companies also use bogus addresses to trick clients into thinking they are operating a legitimate business.

This author went to one such address last summer and found nothing. The clone company scammers had simply made up the address and tacked it onto their website to make themselves look like normal human beings.

Got a news tip? Let Us Know