FFAM Inc. - Public Statement No. 6 of 2014 (2014-11-05)

Summary

This is a public statement issued by the BVI Financial Services Commission warning that FFAM Inc. is not and has never been licensed or regulated by the FSC, despite carrying on unauthorised investment business in or from within the Territory.

• Background: The FSC investigated FFAM Inc. for arranging deals in investments, promoting portfolio management and providing investment advisory services without a licence, in contravention of Section 4(1) of the Securities and Investments Business Act, 2010.
• Prior action: On 24 March 2014 the FSC issued a cease and desist order requiring FFAM Inc. to immediately stop all investment business activities in or from the Territory and to provide evidence that it had done so.
• Public warning: The FSC advises members of the public to exercise extreme caution when dealing with FFAM Inc. and confirms the company holds no licence or authorisation from the Commission.
• Legal basis: The statement is issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001.

The public is also invited to report to the FSC any information about other questionable entities purportedly operating in or from the BVI, or any improper or illegal activities by such entities. This document does not impose ongoing compliance obligations on licensed financial services providers; it is an informational warning notice.

Applies to

unlicensed entities carrying on investment business, general public, customers and creditors of FFAM Inc.