Market2Cap – Withholding of client funds, suspected scam, overseas regulator warning

We are aware of a New Zealand investor who has invested through Market2Cap is unable to withdraw the funds they invested, additional fees are required to process funds withdrawals.  

The operation of Market2Cap has the features of a scam. We are aware that a New Zealand bank account held by a locally-registered charitable organisation has been used as part of this scam. We believe this was done to create an air of legitimacy for Market2Cap. We do not believe the charitable organisation is associated with Market2Cap or knew its account was being misused. 

From the information provided by the investor, we believe that Market2Cap: 

• Asked investors to make payments into a New Zealand bank account which was not controlled by it, starting with a small payment, followed by larger ones;  
• Once a larger payment was made, investors were told that the New Zealand bank account was not able to receive large payments. Investors were then asked to contact their own bank to recall the large payments;  
• This successful “return” of a large sum created a false impression that Market2Cap was a legitimate business;  
• Investors were then asked to re-transfer this recalled payment, and start making all further payments into overseas bank accounts;  
• The FMA believes Market2Cap is willing to sacrifice an initial small payment to make its business appear legitimate. Their main targets are the later, larger payments. 

These overseas bank accounts are used to receive funds from investors: 

1. Account name: Royal Dash Computer Software Trading
   Bank: Wio Bank PJSC
   Account number: AE670860000009718122732
   Country: United Arab Emirates

2. Account Name: Centurion Telecom FZ LLC
   Bank: Abu Dhabi Commercial Bank PJSC  
   Account number: AE340030011328177920002  
   Country: United Arab Emirates 

The Australian Securities & Investments Commission (ASIC) has issued a public warning about Market2Cap offering financial services without a licence, see that here:  

Investor warning - https://market2cap.com (moneysmart.gov.au) 

Financial services provided by Market2Cap requires it to be registered and licensed in New Zealand. Market2Cap is neither registered nor licensed in New Zealand therefore is operating in breach of financial markets legislation.  

We recommend caution when dealing with Market2Cap. 

Entity name: Market2Cap
Email addresses: [email protected]
Website: https://market2cap.com/