Sterling Equity Corporation (2010-08-24)

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 investors that Sterling Equity Corporation is not authorised to conduct financial service business in Jersey.

• Unauthorised activity: Sterling Equity Corporation has been contacting Jersey residents via unsolicited telephone calls to offer investment advice, despite never having registered or applied for registration under the Financial Services Law.
• Legal breach: Any financial service business carried out by the firm since 1 July 1999 is in breach of Article 7 of the Financial Services Law.
• Fraud warning: Documentation held by the Commission suggests the firm and its website display warning signs of being set up for a fraudulent purpose.
• Call to action: Anyone who has had dealings with Sterling Equity Corporation is asked to contact the Commission, and readers are reminded that all regulated businesses in Jersey are listed on the JFSC website.

The notice is informational in nature, intended to protect the public rather than to impose ongoing compliance duties on regulated firms.