UK: FCA ISSUES WARNING OVER ‘CLONE FIRM’ INVESTMENT SCAMS

On 27 January, a news release from the FCA said that, with over £78 million stolen in ‘clone firm’ investment scams and the number of reports for this scam type on the rise, the FCA warns the public to protect themselves.  Reports of ‘clone firm’ investment scams increased by 29% in April 2020 compared to March, when the UK went into its first lockdown.  Clone firms are fake firms set up by scammers using the name, address and ‘Firm Reference Number’ (FRN) of real companies authorised by the FCA. Once set up, these fraudsters will then send sales materials linking to websites of legitimate firms to dupe potential investors into thinking they are the real firm when they are not.  The news release includes tips on how to protect oneself.

https://www.fca.org.uk/news/press-releases/fca-scamsmart-warning-clone-firm-investment-scams

https://www.actuarialpost.co.uk/news/article/attack-of-the-clone-firms-19211.htm

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s