Hong Kong's SFC Adds Three More Unlicenced Entities to its Alert List

Hong Kong’s Securities and Futures Commission (SFC) has again updated its Alert List and today added three more unlicensed entities - Bass Creek Advisors Ltd, Hillgrand Ltd and Kline Capital Partners.

The Alert List comprises of entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with the country.

Bass Creek Advisors

Bass Creek Advisors is the first company to be flagged for being an unlicensed entity. The company which claims to be based in Hong Kong, operates using the website www.basscreekadvisors.com

According to the SFC, the company gives a Hong Kong address but it is not actually located there. Upon further investigation, Finance Magnates found that the website cannot be reached and we are therefore unable to provide further details relating to the company’s activities.

However, a US-based firm going by the same name may suggest it is 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 company. The SFC reminds the public that unlicensed entities often use names similar to legitimate companies to confuse investors. Bass Creek Advisors is also reported to use a bank account in Hong Kong in the name of Shinefield Limited for settlement, according to the SFC.

Hillgrand Ltd

Hillgrand Ltd is another unlicensed entity based in Hong Kong with the website url www.hglfox.com. The company offers a variety of financial services and trading in foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, precious metals, crude oil, non-deliverable forwards (NDFs) and CFDs to individual and institutional customers worldwide.

Once again, the company gives a Hong Kong address but is not located there.

Kline Capital Partners

Kline Capital Partners, operating under the banner of www.klinecapitalpartners.com, also offers financial services including investment solutions and wealth strategies. According to the SFC, the company is an unlicensed entity and although it claims to be based in Hong Kong, its address is incomplete.

The latest additions to the SFC’s Alert List come just a day after the commission added FXGlobal1 and Wing Fung Financial Group for being unregulated, with the latter having a suspicious website.