A Clone of DBG Markets Warned by UK Financial Regulator FCA
A fraudulent online trading platform posing as regulated broker DBG Markets was recently warned by the UK's Financial Conduct Authority (FCA).
The warned entity used multiple websites to promote its financial products and services and falsely claimed to be a legitimate firm by using slogan, logo and regulatory information owned DBG Markets, attempting to confuse investors.
The FCA said that almost all firms and individuals have to be authorized by the regulator to conduct or market financial services in the U.K., and the unregulated entity is not authorized. Moreover, this entity approached investors by pretending to be a legitimate company, hence the named clone.
The regulator said the cloned firm had no connection with FCA-regulated firm DBG MARKETS (UK) LLP (Reg. No. 469459).
The FCA presented the websites, telephone numbers, and email addresses used by the fake entity, but fraudsters may change contact details over time or mix them with genuine details of registered brokers.
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