SEC warns of fraud company

The Cyprus Securities and Exchange Commission has warned the investing public that the firm First Swiss Financial Management AG, which has been soliciting funds for investment from Cyprus based investors is not authorised to conduct business on the island and is not registered with the Swiss authorities.

In response to numerous complaints by investors of fraud, the Cyprus SEC announced that the company in question does not hold a license from the Commission to provide investment services and / or investment advice in the Republic, and no prospectus has been submitted to the Commission for approval as far as the public offer or disposal of the aforementioned securities in the Republic is concerned.

It appears that the firm was offering investors the option to invest in international markets, promising them very high return rates.

Finally, the Commission urges the investors, who want to cooperate with investment firms, to refer to the Commission’s web site (http://cysec.gov.cy) in order to be informed of the companies that hold a license for the provision of investment services in the Republic. In addition, at the Commission’s Web Site are posted the prospectuses regarding public offers of transferable securities that have been approved by the Commission as well as a list of approved prospectuses from competent supervisory authorities of another Member States.