Irish Central Bank: Clone Firms are on Rise, Flags Entity

Another clone firm has been brought to the surface. This Friday, the Central Bank of Ireland has added a new entity to its warning list, which goes by the name of NBI Funds/NBI Funds PLC/NBI Funds Limited/NBI Funds Advisors Limited.

According to the warning, the abovementioned entity has cloned the details of a firm called Neuberger Berman Investment Funds plc. This company is legitimate and is authorized by the Central Bank and permitted to operate in the United Kingdom.

Specifically, the 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 firm has copied the following details: Irish registered address, Irish Company Registration Office number and Financial Conduct Authority authorization number, the statement said.

“It should be noted that there is no connection whatsoever between the Central Bank authorised firm Neuberger Berman Investment Funds plc and the unauthorised entity that has cloned its details,” the regulator said.

NBI Funds claims to be an asset management firm, which provides a range of investment services to professionals. Some of the assets it manages include fixed income, Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term, bonds, and more.

The legitimate company, Neuberger Berman Investment Funds plc, is also an investment manager. It manages a range of equity, fixed income, private equity, and hedge fund strategies for its customers which include institutions, advisors, and individual investors.

Clone firms are on the rise

As highlighted by the Irish central bank: “Fraudsters are increasingly using legitimate firms’ details to add an air of legitimacy to their fraud. The fraudsters will 'borrow' all of the legitimate information of an authorised/legitimate firm for the purpose of this fraud."

“They may quote authorisation numbers/company registration numbers and links to seemingly legitimate websites and even provide the real address of an authorised/legitimate firm. Consumers are advised to check our register to verify a firm’s details and to call the firm back directly using its advertised phone number.”