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Screenshot of a breaking news alert e-mail from Q2 2017
Attempts by organizations with less than honorable intentions to dupe potential investors by imitating established, bona fide companies are still apparent according to the Financial Conduct Authority (FCA) in Britain, a regulatory authority which has expressed much concern over this activity during recent months.
This week, the FCA has issued a warning regarding a company which is operating under the name of Sapien Capital Ltd, and trading via the website https://sclforex.com/en/ which is a very bold attempt to imitate long established London-based Sapien Capital , which is an FCA regulated financial advisory company.
The entity to which the FCA refers in its warning takes the form of an unregulated FX company which targets the Chinese market, in a similar vein to many clone sites which target retail FX traders in China who may be unaware that they are not investing with the established and bona fide company.
LeapRate reported last week that a prevalent confidence trick by unregulated companies wishing to dupe clients from China is to emulate Western firms in such a way that the website and trading name appear to be similar.
In order to read the full warning from the FCA, click here