FCA Flags Prime Capital Invest

The United Kingdom’s Financial Conduct Authority (FCA) has recently warned against a new fraudulent company trying to dupe investors. This is while financial scam operations are ramping up all over the globe.

The fraudulent broker is operating as Prime Capital Invest. It claims that it is under the control of ETX Capital parent Monecor (London) Ltd. Earlier in August, the market watchdog also warned against another broker that was impersonating the credentials of ETX Capital.

This new fraudulent platform created a genuine-looking platform, only using the name of the authorized company. It is unlike the previous FCA-flagged clone of ETX Capital which was exactly impersonating the authorized broker.

The FCA labelled this Prime Capital Invest as a “clone firm”. It uses the name of an FCA-authorized broker to lure investors onto the platform.

Most firms and individuals carrying out financial services activities in the UK have to be authorized or registered. This was a regulatory warning which was noted.

Furthermore, the FCA said that this firm has no authorization from them, and they have not registered with them. However, it has been targeting people in the UK, claiming to be an authorized firm.

Watch Out for the Details

The regulator also detailed that the platform operates under the domain https://primecapitalinvest.com/.  

It reaches out to investors using at least four email addresses. These are kenmax31@yahoo.com, ken.maxwell@primecapitalinvest.com, jameykyle188@gmail.com, and franklinjms197@gmail.com. 

It uses two phone numbers, +447537126270 and +447537129443. 

So forex investors should be on the alert if any Monecor or ETX Capital representative reaches out to them using these channels.

Meanwhile, along with the UK watchdog, other European regulators are also alert on such scams. Countries like Italy and Cyprus are also blacklisting the domains.