Sanitised case 28
Fraudulent investment scheme. A local institution became wary of an existing client / relationship when they received a call from a potential investor enquiring about the location of funds they had remitted to the account. Their client claimed to be a trader in the financial markets but enquiries by JFCU revealed that he had opened the account with false KYC information and that he had fraud convictions and was prohibited by the FSA. Funds were returned to the potential investors and the information obtained was shared with the SEC, the FSA and the JFSC who in turn issued a public statement advising local industry.
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