The Belizean financial regulator, The International Financial Services Commission (IFSC), released two warnings against brokerages who have approached and offered their services to potential clients, without having the necessary licenses to do so. One Life Network Limited and 53 – Capital Trade seems to have been conducting their business completely unregulated.
One Life Network Limited which seems to be registered as a business in Belize has been operating without a valid license that is issued by the IFSC for some time now. The brokerage in question also has no other licenses by any governing financial body which is highly illegal and obviously should not be conducting their business in trading in Belize.
Considering that the company is in direct violation of the Belizean laws, the IFSC has ordered the One Life Network Limited to instantaneously stop their business activities. The financial authority of Belize has also issued a warning for potential traders to be very cautious if they stumble upon the brokerage in question.
As far as 53 – Capital Trade is concerned, it seems to be under the leadership of an individual known as Adam Grace who appears to be the Executive Broker of the company. He is in possession of a forged license which resembles the license that the IFSC usually issues to regulated brokers. He used the fake license to trick individuals into doing business with his company.
The International Financial Services Commission has made a public announcement which states that the brokerage in question (53 – Capital Trade) is neither regulated nor authorized to conduct their business in Belize and was ordered to immediately stop all of its business activities. Obviously, traders need to exercise extreme caution with this brokerage.
There have been a number of stories lately which cover similarly illegal activities conducted by companies. They usually revolve around brokerages who do not have the necessary licenses, or similarly a company that dared to even forge the documents in question so they could continue scamming unsuspecting individuals.
Earlier this May, the International Financial Services Commission warned the trading community about a company under the name of Fixed Star Investment Inc. which has been using a license which was forged to resemble those usually issued by the regulator.