After receiving several complaints, New Zealand’s Financial Markets Authority (FMA) today warned investors against being offered products and services from Corner Oaks Group, according to a recent regulatory statement.
The financial watchdog today updated its warning list by blacklisting the firm which offers several financial services to both individuals and businesses. The company is currently operating through the website http://www.corneroaksgroup.com/ and facilitates trading in commodities, bonds and stocks, among other asset classes.
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According to the warning, Corner Oaks Group claims to be authorized to provide financial services in New Zealand, however this is not true. Additionally, New Zealand’s is concerned that the firm could be a scam after it received a report saying that Corner Oaks Group cold-called a New Zealand investor, offering to buy securities at an inflated price and asking for the investor’s bank account details.
Based on this, the FMA warns the public not to invest in Corner Oaks Limited, and be cautious of dealing with their solicitations. The company is not registered as a Financial Services provider in New Zealand and is therefore not allowed to offer financial services in the country.
The FMA is focused on identifying and blacklisting any individual or entity that is operating in New Zealand without a licence or authorisation, where that is required by law. However, the FMA has warned that some companies are overseas operations and the watchdog may only be alerted to them once a local investor has a problem with them.
The FMA updates the public by means of warnings and alerts when it believes investors may be at risk. Businesses and individuals are named on this list if they are not registered to provide financial services in New Zealand, have had the FMA enforce action against them for misconduct, have either not responded or not provided a satisfactory response to a request for information, or have received a warning notice from the FMA.