New Zealand's Financial Regulator Warns Imposters of IG, TMGM and Other Regulated Financial Service Providers

This week, New Zealand's Financial Markets Authority (FMA) issued a warning against nearly 100 suspected fraudulent online investment platforms.

The FMA said that once invested in these platforms, people may log in to their accounts and see the “profits” they have made. However, the “profits” are fake.

When an investor tries to withdraw the funds, he or she will only be rejected by the platform. These illegal investment platforms even further require investors to pay the so-called “taxes” or “withdrawal fees,” saying the payment must be made before the platform starts to process withdrawal requests. However, even if the investor pays the additional fees as requested, it is almost impossible to withdraw.

The New Zealand financial regulator's list of fake investment platforms also includes several illegal financial service providers posing as legitimate firms. ATFX, AUS GLOBAL, FBS, IG, IUX, Saxo Bank, TMGM, and other regulated broker names have been stolen by fraudsters.

The regulator has warned people to be careful about dealing with the 96 online investment platforms listed by the FMA.

To avoid working with fake platforms warned by the FMA, it is advised that you search for a broker's name in BrokerView to find out its regulatory status before investing.

The suspected scams warned by the FMA: