FCA Warns of Clone Broker Algo Capitals for Posing as Regulated Firm

The UK’s Financial Conduct Authority (FCA) issued a statement today revealing that another fraudulent entity has been added to its warning list. This latest warning concerns Algo Capitals, 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 of an established FCA-registered firm known as Algo Capital Management Ltd, and follows a recent clone warning regarding another unregistered firm reported by Finance Magnates in November.

Algo Capital Management vs Algo Capitals

Algo Capital Management is an FCA-registered financial services provider based at 24 Old Bond Street, London, UK. The firm, which operates online via the website www.algocapital.com, is an investment management company catering to institutional investors worldwide who have an interest in tailored fund management products.

By contrast, the brokerage’s clone, Algo Capitals, is a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options brokerage which is based at Portland House, Bressenden Place, London, UK and operates via the website www.algocapitals.com.

Algo Capital Management maintains no relation or affiliation with the clone group. The FCA has also confirmed that the authorised firm that the fraudsters are claiming to work for has no association with the clone firm Algo Capitals.

FCA Warns Against Dealing with Clones

The FCA has warned investors and market participants against dealing with Algo Capitals since the clone is not under the jurisdiction of any regulatory body.

This is one of many instances of a clone attempting to scam individuals through the deployment of illicit tactics and ambiguous details. In its statement, the FCA reminds investors that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and urges caution in the event they are contacted by anyone claiming to work for the firm in question.

The watchdog has also advised investors to ensure they only deal with financial firms that are authorised by checking the Financial Services Register.