MFSA warns against unlicensed investment services firm

The Malta Financial Services Authority (MFSA) has issued a warning against an entity falsely claiming to be a locally licensed investment services firm.

The firm, known as PrimeOptsTrade Ltd, misleadingly purports to be “Maltese directed investment services supplier that works under European and Maltese guidelines.”

It also makes a misleading references in its address where it makes use of a Maltese street address, while simultaneously claiming it is located in the USA.

The MFSA warned that the firm is neither a Maltese registered company, nor licensed or otherwise authorised by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorised under Maltese law.

The MFSA urged the public to refrain from entering into any transactions or otherwise with the firm on any matters falling within the parameters of the Investment Services Act, Chapter 370 of the laws of Malta.

It also reminds consumers of financial services not to enter into any financial services warning transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

“Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media,” read the MFSA’s statement.

A list of entities licensed by the MFSA can be viewed here.