On May 3, 2019 FINRA (The Financial Industry Regulatory Authority) published a Notice and Warning to member firms concerning fraudulent imposter broker websites, designed to fool investors into transmitting funds to thieves.
Anthony M. Abraham, Esq., PC has been involved in several cases in which impostor Websites were used to steal entire IRA accounts. In one case, an investor from Perth, Australia, called that he wired the entire balance of his retirement account to a broker in Hong Kong, who promised half price shares in the then new Alibaba IPO. The website was a fake; so were investment advisor internet listings for a purported “Investment Advisor” in New York State (the reason we were called in NYS). All funds were lost; the case could not ne pursued in the USA when the money was wired into Hong Kong, never to be seen again. The investor was wiped out.
FINRA therefore issued a Warning Notice to Member Firms.