FCA warns against boiler room clone firm
Financial Conduct Authority (FCA), the British regulator has issued a warning against boiler room “City Equities Ltd” (www.cityeq.com), informing the investors that the company appears as the clone firm of the FCA regulated firm, “City Equities Limited” (www.cityequities.com).
Fraudsters are using the details of firms that FCA authorises to try to convince people that they work for a genuine, authorised firm.
The above FCA Registered Firm that fraudsters are claiming to work for has no association with the ‘clone firm’. Therefore, FCA advice investors to check whether the firm they are operating is genuine and under the FCA regulations or not.
Source: FCA
