Public Statement 15 of 2023 - Royal Investment Consortium (2023-07-26)

Summary

This is a public warning notice issued by the British Virgin Islands Financial Services Commission (FSC) on 26 July 2023, alerting the public that Royal Investment Consortium and/or Royal Trading Consortium are not licensed or regulated to carry on any financial services business in or from within the BVI.

• Conduct alleged: The entities, via the website royalinvestmentconsortium.com, solicited persons to invest in private banking, offshore banking, wealth management and other regulated financial services, and falsely claimed to provide company formation services in multiple jurisdictions including the BVI.
• Investment scheme: They circulated an Investment Agreement promising a guaranteed 40 percent profit on a six week investment, which the FSC characterises as a scam given the return far exceeds market rates.
• Regulatory status: Neither entity has ever been licensed or regulated by the FSC to carry on investment business or any other financial services business in or from within the Territory.
• Legal basis: The statement is issued pursuant to Section 37A of the Financial Services Commission Act, 2001.

The FSC advises the public to exercise extreme caution and avoid any financial dealings with these entities, and invites anyone with information on questionable entities or improper activities in or from the BVI to contact the Commission. The notice imposes no continuing compliance obligations on licensed entities; it is informational and warns against dealing with the named unlicensed entities.