As if fraudsters and scammers were not in abundance within the ranks of brokers and other related service providers in the financial markets, another challenging form of scam that could potentially victimize investors is the existence of impostor regulators.
One recent such case has come to light following the issuing of a warning by the independent regulatory body of Hong Kong, the Securities and Futures Commission (SFC), which exposes a fraudulent entity that goes by the name Hong Kong Foreign Investments Trade Authority. The SFC advises prospective investors to abstain from doing business with this entity.
Playing a paramount role in the policing of the securities and futures market in Hong Kong, the SFC in its capacity as a watchdog organization often exposes and brings to light illicit operations and unregulated entities, in order to inform investors and protect them by discouraging them to have any business dealings with such entities.
The warning against the Hong Kong Foreign Investments Trade Authority, which lists as its address Nine Queen’s Road Central, 23rd Floor, Hong Kong and operates via the website http://hkfita.org, was issued on the grounds that this is completely fraudulent entity that is falsely claiming to be a regulator and market operator in Hong Kong.
The SFC points out that the so called Hong Kong Foreign Investments Trade Authority has no role in or authority over the securities and futures markets in Hong Kong, while it does not actually have a physical presence in Hong Kong or located in the jurisdiction in any capacity. Hence, investors, market participants, and individuals in Hong Kong are urged by the SFC to refrain from conducting any business or engaging in any activity with the so-called Hong Kong Foreign Investments Trade Authority.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.