FCA Warns Against Parantoux Trading, Swed Bank Clone

The Financial Conduct Authority (FCA) on Wednesday issued a warning against three financial platforms - Parantoux Trading, Investment Supermarket, and Capital Seven.

Pentox and Capital Seven are online brokerage firms, while Investment Supermarket offers fixed income investment services to its customers.

Along with the two, the FCA also cautioned investors against a 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 platform of an EEA-authorized firm Swed Bank.

Per the market watchdog, these companies are not authorized by it to offer financial services to the United Kingdom residents.

"Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us," the FCA warning stated. "We believe this firm has been providing financial services or products in the UK without our authorization."

The watchdog cautions against these firms as it believes that many such unregistered firms are running scams, luring investors with promises of a high return on their investment.

"Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers or physical addresses."

Clone of a genuine platform

For Swed Bank, the regulator detailed that the clone platform is operating from the web address www.sweduk.com, and also listed two emails of the operators - henryking@sweduk.com, and jonathanturner@sweduk.com.

FCA also detailed that the authorized platform operated from www.swedbank.se and www.swedbank.com with a physical address in Sweden.

"Fraudsters are using the details of firms we authorize to try to convince people that they work for a genuine, authorized firm," the FCA warned.

The UK regulator is continuously adding suspicious companies to its warning list. Last week, it warned against an array of platforms including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Evolution, Olympus Global, STS Royals, and a clone of Ignis Markets.