Infinite Trust Bank (2004-09-15)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning investors and members of the public about Infinite Trust Bank (also trading as Infinite Trust Bank Limited and Infinite Trust Bank Investment Management Services, collectively ITB), an entity that has falsely claimed a connection with the Commission.

• Fraud scheme: Unsolicited faxes and emails purporting to come from the Commission claimed that funds had received final clearance and directed recipients to a fictitious Commission employee, then requested an advance fee of £500 from ITB to open an account to receive the funds.
• Commission's findings: The Commission confirms it issued no such communication, has no Operations Department and no employee named Chris Williams, so any reference to the Commission in these materials is fraudulent.
• Regulatory status: ITB has never been registered or applied for registration under the Banking Business (Jersey) Law 1991, the Financial Services (Jersey) Law 1998, or the Collective Investment Funds (Jersey) Law 1998.
• Legal basis: The statement is issued under Article 22(2) of the Financial Services Law, Article 45B(2) of the Banking Business Law, and Article 14A(2) of the Collective Investment Funds Law.

The Commission asks anyone who has had dealings with ITB to contact it, and reminds the public that all regulated businesses are listed on the Commission's website. This is a fraud warning notice rather than a document imposing ongoing compliance obligations on regulated firms.