Powell Advance Associates Inc. (the scam entity) (2022-05-24)

Summary

This is a public warning notice issued by the Jersey Financial Services Commission (JFSC) alerting the public to an unauthorised entity, Powell Advance Associates Inc., described as a scam operation. It does not create ongoing regulatory obligations but warns against dealing with the entity and its associated website and email addresses.

• Unauthorised status: Powell Advance Associates Inc. has never been registered, nor applied for registration, under the Financial Services (Jersey) Law 1998 (FS(J)L).
• Conduct alleged: The entity has been offering investment advice to Jersey residents via unsolicited telephone calls.
• Legal breach: Any investment business carried out by the entity, as defined in Article 2 of the FS(J)L, is said to breach Article 7 of the FS(J)L, which prohibits unauthorised investment business.
• Fraud indicators: JFSC states that documentation held on the entity, its website, and its email addresses display warning signs consistent with fraudulent purposes.
• Public action requested: Anyone who has had dealings with the entity is asked to contact the JFSC's Enforcement team.

The notice is informational and protective in nature, aimed at consumers and the public rather than imposing compliance duties on regulated firms. It reminds readers that all regulated businesses in Jersey are listed on the JFSC website.

Key obligations

• Anyone who has had dealings with Powell Advance Associates Inc. is asked to contact the JFSC's Enforcement team.

Applies to

members of the public, unauthorised financial service providers