Warnings Agains Hong Kong Financial Fraud

Financial authorities in Europe have issued a warning against 11 Hong Kong based firms who offers financial advice and investment opportunities without proper licenses. In addition two Swedish and one Danish company have been added to the blacklist.

Finance Authority recommends that anyone who receives such offers to take their precautions. These investment deals have generally been shown to be pure fraud.”

Norwegian Finance Authority

The financial authorities are getting an increasingly number of inquiries from individuals who have been offered shares, fund units and other investment opportunities via phone, email or post, according to the Norwegian Finance Authority. At the moment it seems like most of the scams comes from Hong Kong.

In the last few days, European financial authorities have issued warnings about 11 Hong Kong based firms that operates in the region without the necessary license.

In addition 2 Swedish and 1 Danish company has been added to their blacklist.

“Experiences from both Norway and other countries suggests that some of the enterprises that give unsolicited investment offers, do not have the necessary permissions. These investment deals have generally also been shown to be pure fraud,” the Norwegian Finance Authority writes on their website.

The characteristics of inquiries from such enterprises are often the seller is very aggressive, that investment is portrayed as very profitable and without significant risk, and that it is important that customers take a quick decision.

“Finance Authority recommends that anyone who receives such offers to take their precautions.”

All Norwegian companies authorized to offer this type of service are listed in the Finance Authority’s register.

A survey of enterprises with permission from other EEA countries that have reported to the Finance Authority is on a separate list.

Here are the latest updates on the financial authorities blaclist:

Financial Research Advisors 04.05.2010 Sverige /Global/Markedsadvarsler/2010/Financial_Research_Advisors.doc
Shanghai Mercantile Exchange 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
Newton International Limited 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
New Times Capital (HK) Ltd 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
Levin Mayer 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
HKOFX 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
Hong Kong & New Territories Futures Board 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
Future Index 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
Faithway Limited 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
Crown Wealth International 03.05.2010 Hong Kong http://www.invested.hk/InvestEdAlertList/en/InvestEdFullListServlet
Melqu Invest HB 03.05.2010 Sverige /Global/Markedsadvarsler/2010/Melqu_Invest_HB.doc
Sakura Financial Group 03.05.2010 Danmark /Global/Markedsadvarsler/2010/Sakura_Financial_Group.doc

Full list of warnings by the Norwegian Finance Authority.

Full list by British Authority.

Useful links:

Advance-Fee Scams
Avoid getting burned by “hot” US stocks (USA)
Microcap Stock: A Guide for Investors (USA)
Phone investment scams (Australia)
Varning för företag utan tillstånd (Sverige)

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