FMA warns of illegal offer by Makko Securities to advise on Facebook IPO

Media Release
29 February 2012

The Financial Markets Authority is warning the public of an illegal offer by Makko Securities and its Senior Account Manager, Roy Lochen, to provide broking services in relation to the proposed Initial Public Offering of Facebook and other securities.

Makko Securities is not registered to provide financial services in New Zealand and therefore cannot legally offer financial advice or broking services to retail investors in New Zealand.

FMA notes that no shares in Facebook are available to the public at this time, and that any offer of shares in Facebook is therefore likely to be a scam. Any initial offer of shares in Facebook in New Zealand would have to meet the requirements of the Securities Act 1978.

Makko Securities is a company purporting to have offices in London, Singapore and the Cayman Islands.

FMA reminds the public that they can search the Financial Service Providers Register to ensure that anyone offering to broker shares, or to provide financial advice on shares, is properly registered. FMA encourages investors to seek financial advice in relation to investing in shares from an Authorised Financial Adviser.

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Contact:
Nick Stride on 09 985 4868 or 021 739 052