Westgate Capital Management (2008-03-12)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning investors and the public that Westgate Capital Management, operating via www.westgatecm.com, is not authorised to conduct financial service business in Jersey. The Commission believes Westgate has been carrying on, or holding itself out as carrying on, financial service business in breach of the Financial Services (Jersey) Law 1998.

• Unauthorised status: Westgate, as described on its website, has never been registered or applied for registration under the Financial Services Law.
• Alleged breach: Any financial service business carried out in Westgate's name since 1 July 1999 is considered a breach of Article 7 of the Financial Services Law.
• Fraud warning: The Commission states the website contains false and misleading information and displays warning signs of being set up for a fraudulent purpose.
• Public call to action: Anyone who has had dealings with Westgate is asked to contact the Commission's Enforcement Director.

This is an informational enforcement notice rather than a rule imposing continuing compliance obligations on regulated entities; it serves to alert the public and industry to an unauthorised and potentially fraudulent operator.

Applies to

unauthorised financial services provider (Westgate Capital Management)