Hong Kong’s financial services providers supervisor, the Securities and Futures Commission (SFC), has published an alert for Dukes Copy Limited.
The company obviously mimics the name of the well-known and regulated Swiss forex broker Dukascopy Bank that is also active on the Asian market, but also claims it is connected to the SFC-regulated forex broker Sung Hung Kai (SHK Forex).
According to the SFC, Dukes Copy Limited has absolutely nothing to do with Sun Hung Kai Forex Limited and its parent company Sun Hung Kai Financial Limited. The regulator notes that the clone Dukes Copy uses a bank account in Hong Kong in the name of Duke Exchange Fund for settlement and its Hong Kong address belongs to a secretarial company.
The regulated forex broker SHK Forex itself has published a fraud alert on its site, informing the public that Dukes Copy is not and has never been its partner.
On its site Dukes Copy states it has 25 years of investment experience in various fields like healthcare, the energy sector, technology and industrial and commercial services. It provides a mashup of names and information with the apparent intention to confound the unsuspecting potential investor. The company
For example, it claims it is a holding of CARSEM group, but an SMN check revealed that Carsem is a Malaysian semiconductor company that has nothing to do with finance. Dukes Copy also claims that “The Duke was founded in 1990, is the oldest Private Equity Investment Firm in the United States of America”, with total assets of $3 billion and legal net capital of $1 billion.
Dukes Copy also claims, through a play of words and letters, that it is connected to the US private equity firm Warburg Pincus. “The company’s history can be traced back to BAUER (E. M. War burg & Co.) which was founded in 1980s,” Dukes Copy writes. “The company in 1990s was engaged in risk investment and financial advisory company of Lionel Pincus (Lionel I. Pincus & Co.) mergers and acquisitions, the establishment of DUKES ’sharing. Subsequently, John Vogelstein (John Vogelstein) joined Lionel Pincus, , promote the birth of the entire US private equity industry together. DUKES has developed into a global business partner company nowadays , direct by the co-CEO Martin Kay and Smith Randy.”