The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

THE Securities Commission of The Bahamas has issued a warning about an unlicensed “scam” company that it says is part of a “noticeable increase” in the number of such firms seen operating since the onset of the COVID-19 pandemic.

The Securities Commission of the Bahamas (SCB), in notice to the media, said: “It has come to the attention of the Commission that the entity referred to as FX Primary Ltd or FXPrimary LLC, may be conducting activities that are either registrable/licensable or illegal under one or more of the Acts.”

Christina Rolle, executive director of the SCB, told Tribune Business consumers should remain vigilant when dealing with companies online.

She said: “These scammers know that people are hurting for money and when people are hurting for money, they are more susceptible to being drawn in by get rich quick schemes. It seems counterintuitive, but that’s how it is.

“Regulators worldwide are reporting a marked uptick in financial schemes and frauds since the start of the pandemic.”

The SCB’s notice also said: “The Commission hereby advises the public that this entity and its agents/representatives are not registered with/licensed by the Commission. Additionally, this entity has not made the requisite applications to be registered/licensed by the Commission. Therefore, any registrable/licensable activity conducted, in or from The Bahamas, by this entity and its agents/representatives is in violation of one or more of the Acts.

“If this entity or its agents/representatives claims to be legally authorized or licensed to engage in any aspect of the securities industry in or from The Bahamas, they have committed an offence and are liable for criminal prosecution and/or regulatory sanctions under the relevant laws of The Bahamas.

“Individuals currently (or perhaps contemplating) conducting business with the aforementioned entity or its agents/representatives, should be cognizant that they are doing so with an entity and/or agents who are not authorized or regulated by the Commission.

An SCB notice in July warned of another scam company, RAY-E Securities Investment Company for doing essentially the same thing as FX Primary Ltd with the addition of RAY-E promoting a false certificate claiming to be from the SCB when the SCB never gave them one.

 The SCB said about RAY-E at that time: “The websites display a Certificate of Registration, #SIA-F256, purportedly issued by the commission. It is not a legitimate or legal certificate and it was NOT issued by the commission. It is a false and fraudulent document.”

Listings of the Commission’s registrants and licensees who are authorized to engage in securities, investment funds or the financial and corporate service businesses, in or from The Bahamas, are located on the Commission’s website.

If a company or an individual does not appear on those listings, one can reasonably presume that that company or individual is not registered with or licensed by the Commission.