Swedish watchdog uncovers advance fee fraud scheme

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finansinspektionen Swedish Financial Supervisory Authority warning

Soon after its latest warning against clone firm Dupont FX, the Swedish Financial Supervisory Authority Finansinspektionen has issued another warning against an unauthorized firm which has been found to be attempting to solicit Swedish customers.

The firm in question is Vantage Holdings Group Ltd which operates from the website www.vantageholdingsgroup.com and is citing the following contact information: Sheung Wan Flat A 15/F Hillier Commercial Building.

Finansinspektionen warns the Swedes against dealing with firm because it is not authorized by the Swedish Financial Supervisory Authority to operate in its jurisdiction nor has the Swedish watchdog received any notification of cross-border activities from other EEA countries regarding this firm.

Besides not being entitled to provide financial services in Sweden, Vantage Holdings Group Ltd seems to be culpable of another wrongdoing, since not only was it contacting Swedish nationals trying to persuade them to become its clients and invest their money, offering them to buy their holdings in American shares, it was also asking them to pay a fee in advance to secure the deal. Finansinspektionen points out that this appears to be an advance fee fraud scheme and thus urges all investors to keep away.

This is just another twist in the long war between regulating authorities and fraudsters in the online retail financial services industry, which seems to attracting all sorts of scammers due to its popularity and huge earning potential. As always, our advise to all those considering to become fx or binary options traders is to extra vigilant and always prefer to deal with reliable, regulated entities, by consulting the websites of the local watchdog in their jurisdiction.

2 COMMENTS

  1. Hello;

    Regarding your repost for the warning issued by the financial authorities in Sweden, Vantage Holdings Group Ltd is a bona fide Venture Capital Company duly registered in Hong Kong. Although it is true that we are not registered to offer financial services in Sweden, it is an absolute and utter lie and slanderous to suggest that we are in any way involved in any sort of advanced fee scam. We do have an Equity Trade Transfer program which allows clients to purchase stock in quality pre-public companies in exchange for Non-Performing Equity, and every product we offer is absolutely legitimate, registered and regulated by the appropriate regulatory authorities. With that said, we did have one employee that had contacted investors and presented the program in an inappropriate manner and this was construed as an advanced fee scam. No funds were ever received from any potential investor on this premise and the employee was promptly terminated.

    Thank you for your understanding.

    William James Dawson
    Director
    Vantage Holdings Group Ltd.

    • Dear Mr Dawson,

      As you understand our article was a reposting of the warning issued by the Swedish authorities without any unduly and unjustified additions or expression of opinion on our behalf. We have no reason to doubt your version of events and we thank you for taking the opportunity to share your company’s position with our readers. However, please allow us to point out that you do admit having employed a person whom you were forced to let go because of mis-presenting your offering in a manner that could be misconstrued. Thus, we would suggest that perhaps this explanations on your behalf should be given to the authorities that warned against your company and not to those who simply reiterated the story.

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