British Regulator Warns Against Copycat Broker

[kreslik.news]

The UK’s Financial Conduct Authority (FCA) has released a warning against an unregulated company, London Global Markets, labelling it a ‘clone firm’ for its attempt at passing as an already authorized financial entity which goes by the name LGM Investments.

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The FCA added that scam brokers use this tactic in order to confuse clients, making them believe that the company is not only authorized but that it is actually the company it is impersonating. This kind of fraudulent broker might use the name of the real firm, its firm reference number (FRN) given by ... (read more)