The cold calling offshore brokers are up to their old tricks again introducing another fake regulator to try and fool their clients that they're not fraudsters and thieves. This time the fake regulator goes under the name of The Futures & Options Exchange Commission (FOEC) and is ‘based' in Chicago but you can put your mortgage on the fact that the address either doesn't exist or is a mail drop.
The fake regulator trick is a good one because these firms obviously can't get regulated so they try and trick unsuspecting clients into thinking they are by setting up bogus websites etc. NEVER do business with any broker that is NOT regulated by your country's financial regulator. That being the Financial Services Authority (FSA) for the UK.
How To Stop These Fraudsters Stealing Your Money
The first and ONLY rule you need is -
DON'T DO BUSINESS WITH ANY FINANCIAL FIRM WHO COLD CALLS YOU
These firms are very accomplished scammers and employ some of the best salesmen around so it's easy to fall into their well crafted traps. But take our word for it, if you pay money to them you will NEVER see it again. There is also no point in going to the Police or Fraud Squad because the scammers aren't based in the UK.
We've written at length on some other simple rules about protecting yourself from the scammer, and you can read more on these InvestorProfit.com links -
Summary
Never discount the lengths the offshore brokers will go to steal your money. Always be on the lookout for something that doesn't look right and above all use the internet to research into what you're buying and who you're doing business with. Chances are if there is a scam somebody will be talking about it and you can use this information to protect your money alongside keeping it out of the hands of these shameless criminals.
