Name: Hong Kong Options and Futures Exchange (HKOFX)
Type: Fake regulators and/or market operators
Remarks: The company acts as the settlement agent for Crown Wealth International, and appears to be associated with Global Option Solutions. Both Crown Wealth International and Global Option Solutions are unlicensed entities on the Alert List. Sales representatives of Global Option Solutions tried to solicit investors to invest in products offered by Hong Kong Options and Futures Exchange (HKOFX).
Add date: 19 Apr 2010
Fake regulators and/or market operators

Creating a fake regulator and/or market operator website is one of the tricks used to deceive unwary investors into thinking that certain unauthorised financial institutions or intermediaries listed on that website are supervised by a real regulator and that they conduct their trades through a recognised market operator (e.g. stock exchanges). The scamsters create a website for a non-existent financial regulator or market operator with a plausible name. Such a website is usually sophisticated and often contains up-to-date financial news to create a false impression of authenticity. In fact, no such financial regulator or market operator exists under that name.

To check whether a financial regulator and market operator really exists, see the member lists of the International Organization of Securities Commissions and the World Federation of Exchanges respectively.

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