Financial Commission Files Claim to Take Over Clone Website Address

The Financial Commission has issued a warning to investors following the discovery of a clone website impersonating its membership roster. The suspicious website, which operates through the official website of the industry-specific dispute resolution service, contains false membership details and links to two brokers that were dismissed from the commission's register due to breaches of their contractual obligations.

FinaCom's Response

In response, FinaCom clarified that GANNMarkets and Lotas Capital lack proper authorization to advertise their engagement with the commission. The commission strongly advises investors to only deal with authorized financial firms and to check its register to ensure legitimacy. The self-regulator is working with the domain registrar to have the clone websites removed and is warning users to avoid the clone pages, as they could be used in phishing campaigns.

The Financial Commission plans to take further actions against GANNMarkets and Lotas Capital, including reporting to law enforcement authorities to protect unsuspecting investors and prevent future fraudulent activities.

Impersonation of FinaCom

The clone website also tries to impersonate the identity of FinaCom itself in order to give the appearance of trustworthiness and legitimacy. The commission said that the copycat website impersonates the organization in many areas and contexts, listing a few names of FinaCom's brokerage members, many of whom have contacted the agency to inquire about its legitimacy.

As a result, FinaCom has made a claim to acquire the all-too-common domain name in order to guarantee that dealers can access its formal materials.

Dismissal of GANNMarkets and Lotas Capital

Lotas Capital's membership status was terminated in December 2021 as a result of the company's failure to follow the regulations that all members are required to follow in order to be approved for original membership and to continue to be in good standing. With effect from April 29, 2022, GANN Markets was also kicked out of the Financial Commission. The decision was made after it was offered numerous chances to correct its shortcomings and because it had not complied with the membership regulations.

Protecting Investors from Fraudulent Activities

The use of fake scam websites luring victims by claiming the registration details of authorized providers has been mostly in connection with unregulated firms attempting to exploit the genuine company's reputation. But the unlawful use of a regulator's name and emblem to earn recommendation fees takes criminal boldness in business to a whole new level.

The Financial Commission is committed to protecting unsuspecting investors from fraudulent activities and will take all necessary steps to ensure the legitimacy of financial firms and prevent future scams. The commission advises investors to only deal with authorized financial firms and to check its register to ensure the legitimacy of the firm before making any financial decisions.

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