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Forex Place Ltd - Public Statement No. 7 of 2013 (30 October 2013)

Public Statement No. 7 of 2013

30 October, 2013

PUBLIC STATEMENT

FOREX PLACE LTD. also operating as 4XP at www.4xp.com

 

Tortola, British Virgin Islands – 30 October, 2013 – The British Virgin Islands Financial Services Commission (the “FSC”) considers it necessary to issue this public statement in order to protect the public interest, and the interests of any of the customers and creditors of Forex Place Ltd. also operating as 4XP at www.4xp.com (the “Company”), and to make the general public aware that the Company is not and has never been licensed or regulated by the Commission and could be carrying on unauthorised financial services business.

The details are:

The Company was formerly investigated by the FSC for operating in contravention of Section 4(1) of the Securities and Investments Business Act, 2010, by carrying on unauthorised investment business. As a result, on 14 June, 2013, Advisory Warning no. 21 of 2013 was issued to inform the public that Forex Place Ltd. also operating as 4XP at www.4xp.com has never been licensed by the FSC to carry on investment business in or from within the Territory. Detail of the Advisory Warning has been published on the Commission’s website, Advisory Warning Forex Place Ltd.

The FSC issued a cease and desist order to Forex Place Ltd. also operating as 4XP at www.4xp.com on 4 June 2013 requiring it “... to cease and desist immediately from the date of this notice from conducting all investment business activities in and from within Territory, and to provide the Commission with evidence that it has ceased all such investment business activities.” Notice of the action taken against Forex Place has been published on the FSC’s website.

 However, the FSC has not issued any order or taken any action to prevent Forex Place Ltd. also operating as 4XP at www.4xp.com from returning any monies that has been placed with it.

 

The FSC has issued this public statement pursuant to Section 37A (1) of the Financial Services Commission Act, 2001.
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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg