Aerolite Ltd. - Advisory Warning No. 5 of 2011 (2011-06-16)

Summary

This is a public investor alert issued by the BVI Financial Services Commission warning that Aerolite Ltd, trading as Aero Lite Online, is not incorporated, registered or licensed in the British Virgin Islands despite claiming otherwise. It is a notice, not a rule, and does not create ongoing regulatory obligations.

• Who is named: Aerolite Ltd, also trading as Aero Lite Online, operating via website www.aeroliteonline.us and presenting itself as incorporated in Switzerland and registered and licensed in the BVI
• Conduct flagged: Offering investment opportunities through unsolicited cold call telemarketing and its website while falsely claiming BVI incorporation, registration and licensing
• FSC finding: Aerolite Ltd has never been incorporated, registered, or licensed by the FSC and is not authorised to carry on financial services business in or from within the BVI
• Public advice: Members of the public are urged to exercise extreme caution in any dealings with Aerolite Ltd and generally with entities offering financial products via questionable websites or unsolicited communications
• Reporting invitation: The public is invited to provide the FSC with information on questionable entities purportedly operating in or from the Territory

The warning was issued under Section 4(1)(l) of the Financial Services Commission Act, 2001, which empowers the FSC to alert the public about unregulated or fraudulent entities. It imposes no filing, licensing or compliance duties on regulated firms, but compliance officers should be aware of the entity name for due diligence and screening purposes.

Applies to

general public, investors