WikiFX continued to push on its initiative of checking the authenticity of forex brokers via its field survey campaigns. For this session, the survey staff set off for New Zealand to visit the broker ANGELO.
According to the address as its regulatory status displays, the office of ANGELO in New Zealand is located at Level 8, 3 Albert Street, Auckland. WikiFX’s survey staff went to this place for a field survey.
The surveyors found without difficulty the office building according to the address. They entered the lobby through the one of the two entrances, closer to the office area. According to the address, ANGELO should be based at Level 8 here. But a directory sign in the lobby told a different story, as the 8th floor was occupied by another unrelated company.
To be sure, the surveyors still took an elevator to the exact location as indicated by the address, the 8th floor. They found a huge logo with letters “West Plaza Business Centre” on the glass wall alongside the corridor.
On the wall, the surveyors unexpectedly encountered many pictures displaying the interior of offices. After asking the front-desk staff, they learned that the 8th floor was a co-working area, where ANGELO had had its premises based until June 2019. For now, the company has moved away.
WikiFX checked the broker’s regulatory status and discovered that it is now not effectively regulated by any reputable regulatory authorities. It has also been placed to WikiFX’s blacklist for platforms.
A field investigation found that ANGELO’s actual address does not cope with that indicated in its regulatory information. It holding a FSPR Financial Services Provider license does not mean it is a licensed forex broker under New Zealand regulation. Investors are suggested to stay cautious before dealing with the broker.
Scam Brokers | 1-2 years | Regulated in New Zealand | Financial Se…
Angelo Financial Group
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