Soon after its latest warning against clone firm Dupont FX, the Swedish Financial Supervisory Authority Finansinspektionen has issued another warning against an unauthorized firm which has been found to be attempting to solicit Swedish customers.
The firm in question is Vantage Holdings Group Ltd which operates from the website www.vantageholdingsgroup.com and is citing the following contact information: Sheung Wan Flat A 15/F Hillier Commercial Building.
Finansinspektionen warns the Swedes against dealing with firm because it is not authorized by the Swedish Financial Supervisory Authority to operate in its jurisdiction nor has the Swedish watchdog received any notification of cross-border activities from other EEA countries regarding this firm.
Besides not being entitled to provide financial services in Sweden, Vantage Holdings Group Ltd seems to be culpable of another wrongdoing, since not only was it contacting Swedish nationals trying to persuade them to become its clients and invest their money, offering them to buy their holdings in American shares, it was also asking them to pay a fee in advance to secure the deal. Finansinspektionen points out that this appears to be an advance fee fraud scheme and thus urges all investors to keep away.
This is just another twist in the long war between regulating authorities and fraudsters in the online retail financial services industry, which seems to attracting all sorts of scammers due to its popularity and huge earning potential. As always, our advise to all those considering to become fx or binary options traders is to extra vigilant and always prefer to deal with reliable, regulated entities, by consulting the websites of the local watchdog in their jurisdiction.
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.