Investor Alerts - Fake Celebrity Investment Scam – Multiple trading platforms
| Company: | Fake Celebrity Investment Scam – Multiple trading platforms |
|---|---|
| Regulator: | Financial Markets Authority |
| Jurisdiction: | New Zealand |
| Date: | 14 May 2024 |
| Link: | https://www.fma.govt.nz/library/warnings-and-alerts/fake-celebrity-investment-scam/ |
| 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: | The FMA has received several reports regarding fake celebrity endorsement advertisements on social media, promoting online investment schemes. We have identified multiple websites that are part of this scam but believe there may be more connected as they frequently change. We are aware of several New Zealanders who have invested through these websites and are now unable to withdraw funds, with additional fees requested before allowing withdrawals. |
