British Virgin Islands

Thursday, Oct 29, 2020

FSC Flags Company Claiming To Have BVI License

FSC Flags Company Claiming To Have BVI License

The British Virgin Islands Financial Services Commission (BVIFSC) has warned against doing business with PITCHFOREX TRADE & FINANCE GROUP, INC., that offers financial services online.
The warning was issued after the company allegedly fraudulently presented itself as a BVIFSC licensed company.

The matter came to the BVIFSC’s attention and resulted in a notice to the public.

“The British Virgin Islands Financial Services Commission considers it necessary to issue this Public Statement in order to protect the customers, creditors or persons who may have been solicited to conduct business by PITCHFOREX TRADE & FINANCE GROUP, INC., and to make the general public aware that the entity has never been licensed or regulated by the FSC to carry on any type of financial services business,” the BVIFSC statement noted.

According to the FSC, the company dishonestly claimed affiliation with the Territory. In outlining the issue the BVIFSC stated, “PITCHFOREX TRADE & FINANCE GROUP, INC. is circulating a forged investment business licence and is falsely purporting to be authorised and licensed in the BVI for the purpose of carrying out investment business by dealing in investments as an entity licensed and regulated by the FSC.”

Therefore the BVI Financial Services Commission warned the public to be cautious when dealing with the company.

“The FSC hereby informs the public that PITCHFOREX TRADE & FINANCE GROUP, INC. is not and has never been licensed or regulated to carry on investment business in or from within the Territory," the BVIFSC noted.

Additionally, the regulator asked to public to report other companies that may be purporting to be licensed in the Territory.
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