Bulgaria’s FSC warns the forex brokers Tiger Aset Management Lcc and GMBH are clones

Bulgaria’s FSC warns the forex brokers Tiger Aset Management Lcc and GMBH are clones

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Bulgaria’s watchdog, the Financial Supervision Commission (FSC) published on its website a warning that the forex brokers Tiger Asset Management Lcc Bulgaria with sole proprietor Ivaylo Plamenov Sotirov and Tiger Asset Management GMBH Austria are clones of the German registered Tiger Asset Management GMBH. They are not one and the same company and are not connected parties.

FSC says the two clones, operating through the website www.tigerassetmanagement.net, are not regulated neither in Bulgaria, nor in other EU country and have no right to offer financial services, trade in securities on behalf of their clients, advise, or exchange contracts.

“Investors and potential investors must have in mind that the names of the aforementioned companies – Tiger Asset Management Lcc and Tiger Asset Management GMBH, Austira, strongly resemble the name of the regulated and licensed by Germany’s Federal Financial Supervisory Authority (BaFin) – Tiger Asset Management GMBH, Germany”, notes the FSC. The German company is registered on an address in Hamburg, operates from the website www.tiger-am.com/en and has a branch in Switzerland. “Tiger Asset Management GMBH, Germany does not do business in Bulgaria and does not offer services to unprofessional clients”, warned the FSC.

Unlike the authentic company – an independent asset management company offering asset management and advice to institutional clients, the clone offers trade in forex and CFDs. Its contact address is in New York.

This is the second warning for cloned companies, issued by a EU financial watchdog. On Monday UK’s FCA published a notice about another fake forex broker, posing as a UK-regulated company.

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