The Hong Kong financial regulatory authority, the Securities and Futures Commission (SFC), has issued a warning against 3 financial services companies for carrying on FX and finance related business in without licenses.
The first company is called Escuela Trades. According to the SFC, it claims to be an FX broker with an address in Hong Kong. It does not reside at its claimed address. A perusal of its website (www.escuelatrades.com) shows that it has several managed account schemes calling for investors to invest.
The company promises returns ranging from 50 to 90 percent monthly, with a 50 percent money back guarantee as well. Also, it states that it is able to process withdrawals to any account, which is a clear violation of anti-money laundering laws.
The next company is called Financial Access Asia Limited (www.faalimited.com) whose address in Hong Kong is in a business center. It also accepts funds to bank accounts registered under a different name, a legal violation. The company seems to be involved in portfolio management, currency exchange and also offers trading accounts.
The third company is named Werner Stocker (www.wernerstocker.com) which has an address in Austria and uses Hong Kong bank accounts that are registered under different names. The company claims to provide portfolio management and advisory services but does not hold a license.
The SFC has been regularly issuing warnings against such unlicensed entities to keep clients and the general public aware of such companies.