Sometimes it can feel that the number of suspicious entities in the financial industry is never-ending, particularly in the , binary options and cryptocurrency industries.
Today, the (FCA) has added yet another firm to its ever-growing warning list, which goes by the name of Sucdens Financial or Sucden Financial.
If that name sounds familiar, that’s because it belongs to Sucden Financial Limited, an FCA-regulated London brokerage that offers to trade in FX, commodities, equities and more.
Because of the almost identical name, plus a number of other red flags, the . That is, a firm that “clones” the details of another company in order to appear legitimate and trick investors.
“This FCA authorised firm [Sucden Financial Limited] that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK…” the statement from the FCA said.
FCA Remains Vigilant in Calling-Out Clone Firms
Sometimes, as is the case with Sucdens Financial, the clone firm will copy the name, logo or website to create a false perception of affiliation with a legitimate company.
In other instances, the cloning is less noticeable. The fraudsters might only copy an address or, in order to look authentic, copy the financial license number or authorisation details of another firm.
The FCA provides the following details for the clone firm Sucdens Financial:
Address: Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ
Telephone: +447481359047; 442080683500
Email: james@sucdensfinancial.com; james@primarybrokers.com
However, the correct details of the legitimate firm, Sucden Financial Limited, are:
Firm Reference Number: 114239
Address: Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ
Telephone: 44 02032075000
Website: www.sucdenfinancial.com
“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the British watchdog added.
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