Russia’s CRFIN blacklists PRIME FMS for misleading claims about profits


Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN), the self-regulatory organization for Russia’s Forex industry, has earlier today beefed up its “Black List”. The latter comprises the names of investment companies that display features of financial pyramids.

The latest addition to CRFIN’s “Black List” is PRIME FMS LTD, an online project operating from www.primefms.com.

The organization has voiced its concerns over the operations of the company mainly because it pledges artificially high returns. In particular, Prime FMS promises its clients guaranteed minimum RoI of 80% if they entrust their money into the hands of the “company’s experts” for 90 days.

In addition, the business model of the company is not transparent. That is, there are no guarantees that the gains for existing investors do not come from the investments of new clients.

For that matter, we should note the generous bonus program for referring new clients.

CRFIN also notes the lack of any information about existing licenses for offering financial services and accepting and holding investors’ funds.

If you look at the screenshot below, you’ll see that Prime FMS’ website mentions a company named W.G.R Pro Capital UK and provides an address in the UK. Our check has shown this company has no registration with the Financial Conduct Authority (FCA).

prime_fms_inside

To view the official announcement, click here.

To check out the full “Black List”, which now includes 46 companies, click here.

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Russia's CRFIN blacklists PRIME FMS for misleading claims about profits

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