FCA Flags Fraudsters Pretending to Represent BTG Pactual

Another day, another scam

Remember that time when you didn’t want to go to work?

“What’s the point?” You asked yourself, “I’m tired of slaving away for ‘the man.’ I want to do my own thing; I want to be free!”

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After saying that yourself, you realized that, with your low IQ, the only way you could ever stop working for ‘the man’ was to scam people.

But, full of piss and vinegar, you move ahead with your plans. You set up a fake website, copying one belonging to a real company and start trying to get people to give you money.

Okay, I’m joking. I know that no Finance Magnates reader would ever even consider dreaming of setting up such an operation.

Such people, however, do exist in the real world.

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One of them was caught this fine Thursday morning by the UK’s Financial Conduct Authority (FCA).

The firm in question is BTG Pactual – a Brazilian investment banking and asset management firm.

Regulated in London, living in New York

According to the eagle-eyed folks over at the FCA, fraudsters have been contacting people pretending to represent the Sao Paulo-based firm.

Calling himself Patrick Wellman, the fraudster has been emailing and cold calling people in an effort to get them to hand over their cash. Of course, were anyone to give money to this person, they would almost certainly never see one cent of it ever again.

Amusingly, Mr. Wellman says that he is working in New York when pretending to represent a London-based firm.

The answer to all of this? Don’t trade with Patrick Wellman or his fake firm. He should stop being so lazy and get a real job.

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