FCA Flags Prime Capital Invest Calling It ‘Clone’

As financial scam operations are ramping up all over the globe, the United Kingdom’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) has recently warned against another such fraudulent company trying to dupe investors.

Operating as Prime Capital Invest, the fraud broker is claiming that it is controlled by ETX Capital parent Monecor (London) Ltd. Earlier this month, the market watchdog also warned against another broker that was impersonating the credentials of ETX Capital.

Unlike the previous FCA-flagged Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term of ETX Capital that was impersonating the authorized broker exactly, this new fraudulent platform created a genuinely similar-looking platform and is only using the name of the authorized company.

The FCA labeled this Prime Capital Invest as a 'clone firm' as it is using the name of an FCA-authorized broker to lure investors on the platform.

“Almost all firms and individuals carrying out financial services activities in the UK have to be authorized or registered by us,” the regulatory warning noted. “This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm.”

Watch Out for the details

The regulator also detailed that the platform is operating under the domain of 'https://primecapitalinvest.com/' and are reaching out to investors using four at least four email addresses - kenmax31@yahoo.com, ken.maxwell@primecapitalinvest.com, jameykyle188@gmail.com, franklinjms197@gmail.com - and two phone numbers - +447537126270, +447537129443.

So investors should be alert if any Monecor or ETX Capital representative reaches out to them using these channels.

Meanwhile, along with the UK watchdog, other European regulators are also on the alert to such scams, and countries like Italy and Cyprus are also blacklisting the domains.