Chinese Scam Brokers Use Fake FMA Licenses in New Zealand

New Zealand's financial watchdog has issued a warning about fraudulent FMA license certificates used by brokers to defraud investors. Numerous complaints forced the regulator to spotlight Collinson Crowdfunding Limited's abuse of its license. Although the firm is permitted to provide crowdfunding services, it has no direct involvement in these schemes.

Scammers have used the name Collinson Funds Management Ltd (NZBN: 9429046190161) on many Chinese social media sites, including Weibo, Zhihu, Sohu, and Baidu. Collinson Funds Management Ltd explained that it does not provide services or products in China.

The FSP Register lists all Financial Service Providers (FSPs) and FMA license holders. Investors should compare the FSP number, organization name, and service type to the information on any issued certificate. The majority of FSPs and license holders are registered in New Zealand. The Companies Register frequently contains contact information and website links.

To check a license, contact the firm directly using information obtained independently. Avoid utilizing the contact information supplied by the person displaying the license certificate, since this may be part of the hoax.

If the contact information is not in the Companies Register, look for the company's website online. New Zealand corporate websites often end in.co.nz, however they may have alternative domain names.

The picture of a phony license certificate demonstrates that all reported occurrences include similar-looking certificates with just the license holder's name changed.