Investor Alerts - Market2Cap – Withholding of client funds, suspected scam, overseas regulator warning
| Company: | Market2Cap – Withholding of client funds, suspected scam, overseas regulator warning |
| Regulator: | Financial Markets Authority |
| Jurisdiction: | New Zealand |
| Date: | 11 Apr 2024 |
| Link: | https://www.fma.govt.nz/library/warnings-and-alerts/market2cap/ |
| Subject: |
Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.) Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements Miscellaneous |
| Comments: |
We are aware of a New Zealand investor who has invested through Market2Cap is unable to withdraw the funds they invested, additional fees are required to process funds withdrawals. The operation of Market2Cap has the features of a scam. We are aware that a New Zealand bank account held by a locally-registered charitable organisation has been used as part of this scam. We believe this was done to create an air of legitimacy for Market2Cap. We do not believe the charitable organisation is associated with Market2Cap or knew its account was being misused. Entity name: Market2Cap Email addresses: [email protected] Website: https://market2cap.com/ |