Multi Global Trade and Global Multi Trade Corp (2021-09-08)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning members of the public about Multi Global Trade and Global Multi Trade Corp, described as unauthorised entities operating the websites mg-tr.com and globalmtcorp.com. The JFSC confirms these entities have never been registered under the Financial Services (Jersey) Law and are not connected to the regulated business ICECAP Ltd, despite falsely claiming an address associated with it.

• Unauthorised activity: The scam entities are carrying on, or holding out that they carry on, investment business in Jersey without JFSC authorisation, in breach of Article 7 of the FS(J)L.
• False address claim: The entities falsely purport to trade from First Floor, Osprey House, 5-7 Old Street, St Helier, Jersey, the same address as regulated firm ICECAP Ltd, but have no connection to it.
• Fraud warning signs: Documentation held by the JFSC indicates the scam entities and their websites display warning signs of being set up for fraudulent purposes.
• Public guidance: Members of the public are warned not to deal with these entities and are directed to check the JFSC's list of regulated businesses before engaging with any financial service provider.

Anyone who has already had dealings with the scam entities is asked to contact the JFSC's Enforcement team. This is a public warning notice rather than a rule-making instrument, so it does not create ongoing compliance obligations for regulated firms.