The British Virgin Islands Financial Services Commission (FSC) has warned members of the public to exercise caution in doing any business with three companies.
Robert Mathavious, managing director and CEO of BVI FSC, says Exto Capital SA, Sky Way Monetary and Gulf International Investment Group (GIIG 1982) are not licensed to carry on financial services business in or from the territory.
"Members of the public have been advised to exercise caution in conducting any transactions with the firms," he says.
Exto Capital SA is an independent brokerage firm offering foreign exchange and CFDs on indices, commodities, and major stocks, while Sky Way Monetary was established in 1982 and claims to be a leader in traditional markets, import and export, plus international industrial projects.
The Securities Commission of the Bahamas previously warned investors about GIIG 1982 in May. The commission said agents and consultants of the firm had not applied for registration.
"If this company in any way holds itself out as fully compliant and bona fide persons operating in the securities industry from this jurisdiction, it has committed an offence and is liable for criminal prosecution and/or regulatory sanctions under the relevant laws of The Bahamas," it said.
The Commission believes GIIG 1982 provides investment advice and claims to be based in Nassau, the Bahamas. However it has not been located.
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