New Zealand’s FMA warns of Acifxgold.com making false claims

New Zealand’s FMA warns of Acifxgold.com making false claims

- in All News, Featured News, Warnings
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New Zealand’s Financial Markets Authority (FMA) has issued a warning against the ACI forex broker and said it is concerned with false claims for association with a New Zealand incorporated company.

According to the FMA, on its website, www.acifxgold.com, the broker is implying it is regulated in New Zealand and is associated with Apex Capital Investments Limited – the former name of a local company. Indeed, the Financial Services Provider number listed on the broker’s site, corresponds to Leoset Global Investment Limited, formerly known as F1 Market Limited and Apex Capital Investment Limited.

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The watchdog confirmed the broker is by no means connected with Leoset Global Investment Limited, nor its activities on the website are subject to regulation in New Zealand.

An SMN check on the broker’s website revealed that a flashing red-and-yellow banner indeed claims “Apex Capital Investment (ACI) Ltd is launching to list in New Zealand”. When clicked, it leads to a section of the site containing some vague information about regulation in New Zealand and the disclaimer that “none of the services  or products contained or referred to on this website are available to persons resident in New Zealand where distribution of such services or products would be contrary to local law or regulation.”

Nevertheless, the main site claims that “ACI is an innovative financial service company in New Zealand, providing foreign exchange, gold, silver, crude oil in Exchange or OTC market for many institutional investors, professional money managers and experienced market traders.“

Judging by the fact that the main version of the site is in Chinese, perhaps the forex broker is aiming for clients in China, but is using the good regulatory reputation of New Zealand to mislead them and lure them in. Another post on the site, dated May 2015, claims ACI is initiating its Japanese Market Development Project to expand overseas.

Earlier this month FMA warned of another wayward forex broker – Zlato Capital – that falsely claims it is regulated in New Zealand.

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