The Hong Kong SFC has levied
penalties against multiple Forex brokers this twelvemonth as well as the means has warned against several unlicensed FX theater this month, which bring names resembling reputable brokers similar
Plus500.
For instance, final week, the SFC sent out a alert against Option500 (www.option500.com), which has been soliciting investors inward Hong Kong as well as overseas. The unlicensed society claims to move based inward the United Kingdom of Great Britain as well as Northern Ireland as well as has a real similar-sounding refer to British FX broker Plus500 - a regulated entity as well as a recognizable construct refer inward the industry.
SFC's alert reads:
The fiscal regulator inward Cyprus, the CySEC, too
warned nearly Option500 inward Oct of final year, maxim the society “is non permitted to render investment as well as ancillary services inward the Republic, pursuant to Investment Services as well as Activities as well as Regulated Markets Law.”
Several onetime clients bring too defendant Option500 of fraud as well as complaints bring been lodged amongst the United Kingdom of Great Britain as well as Northern Ireland Financial Conduct Authority (FCA), according to a
forum thread on ForexPeaceArmy.
One onetime customer alleges that Carl Ericcson as well as Alan Jones, compliance director at Option500, scammed him to the melody of $18,700 via document forgery as well as unauthorized trading.