Businesses to be wary of

The FMA is committed to protecting investors from businesses who are (or have been) registered on the Financial Service Providers Register (FSPR) but are the subject of complaints about loss of investor funds, or other serious misconduct that suggests customers may lose money.

If we receive a complaint about a business or individual registered on the FSPR, we will ask for an explanation, and expect a response.

The following businesses/individuals have either not responded, or not provided a satisfactory response to a request by us for information about a complaint. 

We strongly recommend that you do not invest money through any of these businesses/individuals.

Name of business/individual Date published Additional information

Name of company: Greenberg International Law & Tax
Website: www.greenberglawandtax.com

23 September 2016

 The Financial Markets Authority notes warnings about Greenberg International Law & Tax by the following regulators:

Name of company: Titan Trade
Website: https://titantrade.com/

7 September 2016 The Financial Markets Authority notes a recent warning by the Australian Securities and Investment Commission against conducting business with Titan Trade on 4 August 2016.  

Name of company:  Keiyo Asset Management

11 August 2016

The FMA has received reports that Keiyo Asset Management has been contacting New Zealand residents offering the opportunity to participate in an initial public offering.  Keiyo Asset Management is not registered to provide financial services in New Zealand and we recommend exercising caution when dealing with this entity.

Name of company: 13th Pty Limited trading as IGOT
Website: www.igot.com

 15 July 2016 The FMA has received complaints from New Zealand based clients of IGOT about IGOT’s failure to repay clients in accordance with their instructions.  IGOT is not registered or required to be registered to provide financial services in New Zealand.

Name of company:  Trade24 Investments Limited
Website: www.trade-24.com

30 June 2016 The FMA warns members of the public not to invest in Trade24 Investments Limited. Trade24 Investments Limited is not registered as a Financial Services provider in New Zealand and is therefore not allowed to offer financial services in New Zealand.

Name of Business:  Ares FCL Services Limited trading as Ares Forex

2 June 2016 The FMA is concerned about claims on the website aresforex.com which imply that the company is approved or licensed by the New Zealand Government and able to trade derivatives. Ares FCL Services Limited is not a licensed derivatives issuer and we recommend consumers exercise caution when dealing with the company.

Name of Business: United Global Holdings Limited, trading as FX United.

Website: www.fxunited.com and www.fxunitedpowerinternational.com

 

4 May 2016 The FMA has received reports that United Global Holdings Limited, trading as FX United, has been falsely claiming that the FMA has endorsed the company as being legitimate and highly regulated.  The FMA does not confirm legitimacy or endorse any entity in this manner. We recommend NZ consumers exercise caution when dealing with any business claiming to be endorsed by the FMA.

Name of company: WGM Group Limited (formerly Belfor Capital Limited) trading as Belfor FX

Website: www.belforfx.com

Address: Level 27, 188 Quay Street, Auckland 1010, New Zealand

24 February 2016 The FMA has received complaints from overseas-based clients of Belfor FX about Belfor FX’s failure to repay clients in accordance with their instructions.  We note that the company has been deregistered from the Financial Service Providers Register and is not registered to provide financial services in New Zealand.

Name of company: Fidelis International Trading Limited

Website: http://www.fidelisinternationaltrading.com/en/

Address: A82 Symonds St, Auckland Central, Auckland 1010, New Zealand

 

22 February 2016 

The FMA has received complaints from overseas-based customers of Fidelis International Trading Limited about Fidelis’ failure to repay clients in accordance with their instructions.
Fidelis International Trading Limited is not registered to provide financial services in New Zealand.

Name of company: Fund Access Limited

Address: 27/F E-Trade Plaza, Lee Chung Street, Chai Wai, Hong Kong

Website: www.fundaccessltd.com

24 November 2015

The FMA is concerned that Fund Access Limited has failed to respond to our requests for details of their business activities, following complaints from the public.

Fund Access Limited is not registered to provide financial services in New Zealand.

Name of company: Green Gardens Finance Trust Limited

Name of person: Hsin-yun Li, Director

Address: Level 10, 175 Queen Street Auckland Central, Auckland 1010

Website: http://ggfinance.co.nz

27 July 2015 The FMA has issued a stop order against Green Gardens Finance Trust Limited and warns the public to be wary of depositing money or dealing with this company.

Name of company:
CTM Group Limited (CTM)

Associated person:
Mr Mokhtarian

Website: www.capitaltrustmarkets.com

Address: 41 Shortland Street, Plaza Level, Auckland, 1010

28 May 2015

The FMA has received complaints from overseas-based customers of CTM about CTM’s failure to repay clients in accordance with their instructions.

CTM was deregistered from the FSPR on 15 May 2015.
Name of company: Capital One Forex Limited

Associated people: Samir Oglah Ali Beool; David Telyo Romano

Website: www.capitaloneforex.com

Address: 17b Farnham Street, Suite 6096, Parnell, Auckland 1052

20 May 2015

The FMA has received complaints over the last 12 months regarding Capital One, from customers alleging that the company has failed to act on their instructions for withdrawals from their accounts.

Capital One failed to respond to a request from the FMA for information about these complaints.

Capital One was deregistered from the FSPR with effect from 30 January 2014.

If you are concerned about a business/individual you are dealing with (particularly if you are having difficulty accessing funds, or if you suspect they are not legitimate) please contact the FMA.

NOTE: The FMA will not be able to help you to recover your money. If you are having difficulty accessing your funds you will need to contact the relevant dispute resolution scheme. Dispute resolution schemes provide a free service to help resolve any issues customers have with registered financial service providers. If the business/individual you’re dealing with is registered, the FSPR will tell you the name of their dispute resolution scheme. If they are not registered, you must deal directly with the business/individual to resolve the dispute.

If you are the subject of a warning on this page and wish to be removed from the list, please see our takedown policy.