Clearing Falcon Group, Genuine Progress Index others added to FMA warning list

Photo: Leaprate

New Zealand Financial Markets Authority added Clearing Falcon Group Limited, Genuine Progress Index Limited and Yunma Tianlong International Consulting Co., Limited, Karatbars International GmbH, Karatbit Foundation and associated companies, Gold Standard Bank, Freebay, Sixon Investments, ISB Global Miners, Paradox Therapeutics, Jack Reid, Nick Wiseman, William Andrews, Dr. Michael Bennett, Nathan Yao and Endeavor Capital Partners.

The New Zealand regulator has advised people to operate with caution when dealing with the foreign exchange dealers due to concerns they may be involved or operating a scam.

The regulator reported the following details of the two companies:

• Clearing Falcon Group Limited
• Genuine Progress Index Limited
• Yunma Tianlong International Consulting Co., Limited

The FMA noted that Clearing Falcon Group Limited (CFG) approached New Zealand resident via WhatsApp and Tinder regarding investment opportunities. Genuine Progress Index Limited (GPI) is also approaching individuals via Facebook with trading opportunities. The regulator also stated that investors have been having difficulties withdrawing their investments held with these entities.

Neither CFG nor GPI are registered financial service providers in New Zealand, nor are they authorised to offer financial services/products to New Zealand residents.

Both CFG and GPI are incorporated in the United Kingdom and list Yunma Tianlong International Consulting Co., Limited (Yunma) as their Company Secretary, which they share with Knight Service Group and Business Choice Group Limited, entities that the FMA has previously warned about.

The regulator provided details of the bank account used by CFG and GPI:

• Account Name: Liangfu Tang
• Account Number: 2161945220
• Bank Name: East West Bank (United States of America)
• Account Name: Dai Feng
• Account Number: 056 499015 221
• Bank Name: HSBC Bank (Singapore) Limited

FMA also noted that CFG and its associated entities are requesting for payments via cryptocurrency and the recipient of a cryptocurrency transaction cannot be easily traced and the New Zealand regulator recommends caution when using this mode of payment:

• Karatbars International GmbH
• Karatbit Foundation and associated companies
• Gold Standard Bank
• Freebay

The FMA warns about Karatbars International GbmH, Karatbit Foundation and associated companies as they are not registered companies or financial service providers in New Zealand. The regulator notes that seminars have been held in both Auckland and Christchurch. The FMA also points out that Karatbars is associated with Freebay and Gold Standard Bank.

The following overseas regulators have cautioned the public about Karatbars:

• BaFin (German Federal Financial Supervisory Authority)
• Financial Sector Conduct Authority (FSCA), South African regulator
• British Columbia Securities Commission
• Autorite des Marches Financiers (AMF), Quebec
• Bank of Namibia (BoN)

Sixon Investments

The FMA stated that they have received reports that Sixon Investments are offering unrealistically high returns and are requesting further payment before withdrawals can be made, and if further payment is not received, all returns will be forfeited.

The Financial Supervisory Authority of the Central Bank of Iceland (FSA) has published a warning, noting “it does not recognize Sixon Investments as an authorized or regulated entity in Iceland. Sixon Investment’s website refers to an Icelandic company that does not recognize any involvement with Sixon Investments”. Sixon Investments is not a registered financial service providers in New Zealand or licensed by the FMA.

ISB Global Miners (also known as: Waxco Trading)

The FMA reported that ISB Global Miners has offered cryptocurrency trading services through their agent to a New Zealand resident and requested for upfront payment before allowing withdrawal of the investments. The business address in Australia which Waxco Trading purports to be operating from is false.

Paradox Therapeutics

The FMA noted that Paradox Therapeutics representatives have made unsolicited calls to New Zealand residents offering investment in the entity.

Paradox Therapeutics is not a registered financial service provider in New Zealand or licensed by the FMA. The company does not operate at the NZ address provided for its business.

The FMA shared concerns that individuals purporting to be from Essence Securities Co., Ltd., Shenzhen are cold calling New Zealand residents and may be operating a scam. Offering financial products via cold calling is illegal in New Zealand, most cold callers are likely to be scams.

Individuals include Jack Reid, Nick Wiseman, Dr. Michael Bennett and Nathan Yao. However, please note these are potentially fake names or names used without permission and that individuals operating scams will often change their names. Passports were provided to prove identity but were duplicated and therefore one or both are fraudulent.

The individuals are not registered financial service providers in New Zealand or licensed by the FMA.

The FMA advises that before engaging with any individual purporting to be from Essence Securities Co., Ltd., contacting Essence Securities Co., Ltd. directly from their contact details provided on the website essence.com.cn.

The regulator provided details of the bank used by the individuals:

• Banner Bank
• Taishin International Bank Co.
• Endeavour Capital Partners

The FMA has received reports that US based Endeavor Capital Partners is making unsolicited contact with New Zealand residents. The company is not a registered New Zealand Company and is not registered to provide financial services in New Zealand.

Reprinted from Leaprate, the copyright all reserved by the original author.