This archive report was first published on 27 September 2019.
Published on September 27, 2019, the Capital Markets Authority (CMA) has issued a warning to the public against participating in online forex trading through Interweb Global Fortune.
The CMA's move is aimed at enhancing investor protection and ensuring fair treatment of customers in line with its regulations.
Interweb Global Fortunes has been found to operate without a valid license to offer services as an Online Forex Trading Broker and Money Manager.
The firm has been accused of running a Ponzi scheme, promising investors unsustainable and unrealistic investment returns of 20 percent.
Furthermore, Interweb Global Fortunes requires investors to recruit other people for a commission and locks in their money for at least three months or a year.
The firm has also been misleading investors by claiming it has applied for a license from CMA, when in fact it has never done so.
Only two firms, SCFM Limited and EGM Securities, are legally approved to operate as online forex traders in the country.
CMA is warning members of the public to avoid dealing with unlicensed and unregulated financial entities, as they risk being defrauded or losing their money.
