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Warning on unauthorised firm - W&S Brokerage Services Inc. (CLONE)

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07/13/2020 | 07:01am EDT
Warning on unauthorised firm - W&S Brokerage Services Inc. (CLONE)
13 July 2020Press Release

It has come to the attention of the Central Bank of Ireland ('Central Bank') that a firm, calling itself W & S Brokerage Services Inc. (USA) - www.wsb-services.com/index.php/ been operating as an investment firm in the State in the absence of an appropriate authorisation.

This unauthorised firm has cloned the details(name and address) of a United States based company called W&S Brokerage Services, Inc. which is a wholly-owned subsidiary of Western Southern Life Assurance Company (WSLAC) It should be noted that there is no connection whatsoever between this company and the unauthorised entity that has cloned its details.

A list of unauthorised firms published to date is available on the Central Bank website.

It is a criminal offence for an unauthorised firm to provide financial services in and from Ireland that would require an authorisation under the relevant legislation for which the Central Bank is the responsible body for enforcing. Consumers should be aware, that if they deal with a firm that is not authorised, they are not eligible for compensation from the Investor Compensation Scheme.

Fraudsters are increasingly using legitimate firms' details to add an air of legitimacy to their fraud. The fraudsters will 'borrow' some or all of the legitimate information of an authorised/legitimate firm for the purpose of this fraud. They may quote authorisation numbers/company registration numbers and links to seemingly legitimate websites and even provide the real address of an authorised/legitimate firm. Consumers are advised to check our register to verify a firm's details and to call the firm back directly using its advertised phone number.

For further information, please visit the Avoiding Scams and Unauthorised Activity section of the Central Bank's website.

Any person wishing to contact the Central Bank with information regarding such firms/persons may telephone (01) 224 4000. This line is also available to the public to check if a firm is authorised. Since obtaining the necessary legal powers in August 1998, the names of 425 unauthorised firms have been published by the Central Bank.

Notes to Editors

The name of the above firm is published under the Central Bank (Supervision and Enforcement) Act 2013.

Disclaimer

Central Bank of Ireland published this content on 13 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2020 11:00:02 UTC

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