Kingbest Capital Holdings clone firm warned by the SFC
The Securities and Futures Commission (SFC) warned investors about a firm that appears to imply it is regulated by using the name of Kingbest Capital Holdings.
Kingbest Capital Holdings' clone firm has registered website 'kingbestcapital', however it uses the full name Kingbest Capital Holdings in the header. The website of the fully authorized and regulated firm is 'kingbestcapitalholdings'.
Kingbest Capital Holdings' unregulated firm claims an address at International Commerce Center, Floor 23, 1 Austin Road, West Kowloon, Hong Kong. The regulated firm has an address at International Commerce Center, Floor 63, 1 Austin Road, West Kowloon, Hong Kong.
A spokesman for the SFC said "Almost all firms and individuals carrying out financial services activities in the Hong Kong have to be authorized or registered by us.
"This firm is not authorized or registered by us but has been targeting people in the Europe, claiming to be an authorized firm.
"This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the 'company registration number' (CRN) we have given the authorized firm or other details."
The service required a minimum lump sum investment of US$500 as opposed to the minimum of US$10,000 required with the registered firm.
Investors should be informed that there is no account fee above the first 10,000 invested and no commission fee on the purchase, fees are applied on the sale of securities only.
Kingbest Capital Holdings' Head of Personal Investment, Marcus Bent for said charges for the service could come down even further if the newly launched short term trading system proves popular enough.
"We are quite proud of the fact the vast majority are happy to pay 4% fee on returns above 50%", added Marcus Bent.
"As we continue to grow here, we fully anticipate we would give our investors the benefits of that scale."
A lawsuit is ongoing for any fraudulent activities that may have occurred. If you are not sure that you are dealing with the registered dealer, please use the details below for confirmation.
Kingbest Capital Holdings was established in 2009 by leaders in the Financial Services Industry who wanted to make sure investors got the very best support and advice.
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