Hong Kong’s Securities and Futures Commission (SFC), an independent statutory body set up to help police the country’s domestic securities and futures market, has updated its Alert List with another unlicensed financial group, having warned on Ephraim Global, according to an SFC filing.
Presently, the SFC’s comprehensive Alert List features the names of businesses that are unlicensed in Hong Kong and which are also believed to have targeted Hong Kong investors or made fraudulent claims to be associated with Hong Kong. The addition of Ephraim Global () brings to light the group’s presence as an unlicensed financial entity that should be avoided.
Typically, unlicensed entities utilize names similar to legitimate companies in hopes of hoodwinking would-be investors. Such scams are prevalent across virtually every regulatory jurisdiction, which subsequently has necessitated counter efforts from regulators such as the SFC, UK’s Financial Conduct Authority (FCA), and the National Futures Association (NFA) in the US.
Ephraim Global operates is presently listed on the Investor Alerts Portal of the International Organization of Securities Commissions, which uses a Hong Kong bank accounts in the names of Boltin Limited and Hamberg Limited for settlement. The company itself claims to be an asset manager that also provides risk management, reporting, and portfolio management solutions.
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