Legend Merchant Group (2004-06-29)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission under Article 22 of the Financial Services (Jersey) Law 1998, alerting the public that Legend Merchant Group, Inc, a New York based investment firm, is not authorised to conduct financial services business in Jersey.

• Unauthorised activity: Legend has been cold calling Jersey residents to offer investment brokering services despite never being registered or having applied for registration under the Financial Services Law.
• Breach finding: Any financial service business carried out by Legend since 1 July 1999 is stated to be in breach of Article 6 of the Financial Services Law.
• Public guidance: The Commission notes that all authorised businesses are listed on its website and asks anyone who has dealt with Legend to contact the Commission.

This is a historical enforcement related public notice with no ongoing regulatory requirements for licensees; it serves an informational and investor protection purpose rather than imposing compliance obligations.

Applies to

unauthorised financial services providers, members of the public dealing with unregistered investment firms