Public Statement 8 of 2020 - TROY FINANCIAL, INC. (2020-07-17)

Summary

This is a public warning notice issued by the British Virgin Islands Financial Services Commission (FSC) about TROY FINANCIAL, INC. The FSC states that this entity has never been licensed or regulated to conduct investment business or any other financial services business in or from the BVI, despite circulating a forged investment business licence and falsely claiming to be authorised and regulated by the FSC.

• Nature of the issue: TROY FINANCIAL, INC. is circulating a forged investment business licence purporting to show it is licensed and regulated by the FSC to deal in investments.
• FSC finding: The entity is not, and has never been, licensed or regulated by the FSC for investment business or any other financial services activity in or from the Territory.
• Public advisory: Members of the public are urged to exercise extreme caution if solicited to conduct business with TROY FINANCIAL, INC.
• Legal basis: The statement is issued under Section 37A of the Financial Services Commission Act, 2001.

The notice does not impose ongoing compliance obligations on licensed entities; it is an informational alert warning the public and industry about an unauthorised, fraudulent operator and inviting reports of suspicious activity to the FSC.

Applies to

general public, persons soliciting or considering investment business with unauthorised entities