New Zealand’s financial regulator, the Financial Markets Authority (FMA), has issued fraud warnings to two websites targeting retail investors and traders, topmarketcap.com and equitycorp.org. The regulator said it had received complaints from traders who could not withdraw their investments. TopMarketCap is not a registered financial service provider in New Zealand or licensed by the FMA. Therefore, the company is not allowed to offer derivative services to retail customers in New Zealand.
The FMA also said that the equitycorp.org website was most likely a scam. The website is quoting details associated with Equity Corporate Limited and Cambridge Partners Limited, companies registered in New Zealand. The equitycorp.org website uses the details of these companies without permission. In addition, the company that operates the equitycorp.org website is not a registered provider of financial services in New Zealand and cannot offer financial services to residents of New Zealand.