The Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) is cautioning investors about an unauthorized firm purporting to be the regulated worldwide broker Equiti, with its headquarters in the UAE. Some investors, including well-known people like Lojain Omran, a celebrity in Dubai, are said to have fallen for the hoax.
The Securities and Exchange Commission (SCA) warned on March 27 that MRL Investments, using the website equiity.com, is not authorized by the SCA and is not associated with Equiti Securities Currencies Brokers LLC (ESCB LLC), which uses the licensed brand name “Equiti.”
SCA clarified that Equiity and Equiti are unrelated, as Equiti holds a license from SCA to trade currencies and derivative transactions.
EquitI has also urged investors to check the footer of a website for the company’s regulatory details, always call officially provided and verified company numbers, offer to call back if contacted by an unrecognized phone number or refer to regulators’ websites for confirmation of a company’s contact details and license validity before transfer.
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