At the time, the firm claimed to be based in London, but was found by the FCA to be unauthorized to carry out its financial services operations in the jurisdiction. On top of this, Prime FMS display signs of false positioning as a trust-management company. The CRFIN highlighted the following points as some of the reasons for blacklisting the firm:. Existence of considerable bonuses for attracting clients: The company offers multi-level referral programs.

Promising Returns of 80%, PRIME FMS Disappears Along with Funds | Finance Magnates

No objective payment guarantees: The business model does not have a sufficient level of transparency. Signs of a false positioning: There is no contract on trust management available on the site.

The company is oriented towards the Russian-speaking audience, with Russian citizens in particular. The trust management contract contains provisions on complying with the legislation of the Russian Federation. Yet, according to the current legislation of the Russian Federation, trust management of money funds requires a special license of the Bank of Russia. The firm played on a fundamental flaw in the human nature; Greed!

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Is Stern Options scam or reliable? FCA Stern Options warning. The CRFIN highlighted the following points as some of the reasons for blacklisting the firm: CRFIN FCA forex scam Prime FMS. Related news What is New FX Global Code?

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