Public Statement 7 of 2024 - Milan Pagáč (2024-03-12)

Summary

This is a public warning notice issued by the British Virgin Islands Financial Services Commission (FSC) about an individual, Milan Pagáč, who is not and has never been licensed, authorised or regulated by the FSC to conduct any financial services business in or from the BVI.

• Conduct alleged: Milan Pagáč is circulating a forged Investment Dealer (Discount Broker) Licence and falsely claiming to be authorised in the BVI for Dealing in Investments (Dealing as Principal) and Arranging Deals in Investments.
• FSC finding: The FSC confirms Milan Pagáč has never held any licence or authorisation to deal or arrange deals in investments, or to carry on any financial services business in or from the Territory.
• Public advisory: Members of the public are advised to exercise extreme caution and avoid conducting any financial services business with Milan Pagáč.
• Legal basis: The statement is issued pursuant to Section 37A of the Financial Services Commission Act, 2001.

The notice is informational and protective in nature, intended to warn consumers and the public rather than to impose ongoing compliance obligations on regulated entities. The FSC invites anyone with information about questionable entities or improper activity to come forward.