Fraudsters have cloned a German wealth management firm in an attempt to lure in UK investors.
The scammers, which are calling themselves FE Wealth Management, are also using a fictitious office in the centre of London. Their victim, according to the FCA, is a Germany-based firm called Frank Eppendahl which is actually allowed to promote, offer and sell services within the UK.
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The FCA has warned investors to be wary of cold calls, stating that the cloned firm may give out other banks’ correct information to deceive potential clients.
This is the latest in a string of clone firms reported by the Financial Conduct Authority. As of October 2013, there were 33 cloned firms in the UK.
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