European regulators collaborate to warn of potential advance fee fraud scheme in Sweden


Examples of national regulatory authorities demonstrating willingness to cooperate with each other is increasing, as the Maltese Financial Services Authority (MFSA) has today further displayed by publishing a warning to potential investors relating to a firm which it considers to be attempting to dupe clients outside its jurisdiction. The MFSA has an entire section of its website dedicated to the publication of warnings that it receives from overseas nations.

According to today’s notice from the MFSA, Sweden;s financial regulator, Finansinspektionen, has become aware of a company operating under the name of Glacier Bay Capital LLC, which does not hold a license from Finansinspektionen and therefore is not authorized to provide financial services in Sweden.

Finansinspektionen has not received any notification of cross-border activities from other European Union or European Economic Area countries.

Furthermore, Finansinspektionen has stated that representatives from Glacier Bay Capital LLC establish contact with Swedish investors and attempt to obtain a fee in advance in order to receive compensation for investments in shares.

On this basis, Finansinspektionen considers this to be fraudulent insofar as the company may attempt to obtain the fee without any guarantee of providing compensation.

Glacier Bay Capital LLC operates via its website www.gbcap.com and has two addresses, one in San Diego, California and another in Central Hong Kong.

For the full announcement, click here.

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European regulators collaborate to warn of potential advance fee fraud scheme in Sweden

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