SMF Trading Inc (the Scam Entity) (2020-09-14)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 25(d) of the Financial Services (Jersey) Law 1998, warning the public about SMF Trading Inc, referred to as the Scam Entity. The JFSC states that this entity has never registered, nor applied to register, to conduct financial services business in Jersey, and that any such business it carries out breaches Article 7 of the law.

• Unregistered status: SMF Trading Inc has never been registered under the Financial Services (Jersey) Law 1998 and has not applied for registration.
• Suspected fraud: Information held by the JFSC indicates the entity and its associated website display warning signs of being set up for a fraudulent purpose.
• Public register reminder: The JFSC notes that all regulated businesses in Jersey are listed on its website, allowing the public to verify authorised providers.
• Call for information: Anyone who has had dealings with the entity is asked to contact the JFSC, with enquiries directed to the Acting Director of Enforcement.

This is an informational warning notice rather than a rule or licensing change; it does not impose ongoing compliance obligations on regulated entities but serves to alert investors and the industry to an unauthorised, potentially fraudulent operator.

Applies to

unauthorised financial service providers, investors and members of the public