In a time when the territory is extra mindful of its main economic engine, the financial services sector, the Financial Services Commission (FSC) issued a warning about an entity calling itself St World Trade Inc. also operating under the name TradingBanks purporting to offer a range of investment products out of the Virgin Islands. Photo: Internet source

The warning was posted on the website of the FSC on December 31, 2015 and said St World Trade Inc. has never been registered in the VI. In addition, the entity appeared on the watch lists of Belize and Italy, as those jurisdictions also issued warnings against the entity operating as TradingBanks. Photo: Provided

Efforts to reach Dr Robert A. Mathavious, Managing Director and CEO of the FSC for a comment on the warning proved futile. Photo: VINO/File

The warning was posted on the website of the FSC on December 31, 2015 and said St World Trade Inc. has never been registered in the VI. In addition, the entity appeared on the watch lists of Belize and Italy, as those jurisdictions also issued warnings against the entity operating as TradingBanks.

“The British Virgin Islands Financial Services Commission (FSC) has been made aware that an entity calling itself St. World Trade Inc., has been offering investment products such as hedging, markets arbitrage, risk management and speculation whilst purporting to be incorporated, licensed and regulated in the British Virgin Islands,” said the notice.

“As a result of the FSC’s enquiries, it would appear that this entity uses the aforementioned company and trading names, and offered its products and services through its website located at https://www.tradingbanks.com/ and falsely claiming to be headquartered in the Territory,” it said.

According to the notice, “the FSC can confirm that St. World Trade Inc., has never been registered or incorporated as a company in the British Virgin Islands. St. World Trade Inc., has also never been licensed by the FSC to carry on financial services business in or from within the Territory.”

It warned members of the public to exercise extreme caution if solicited at any time by or conducting any business with St. World Trade Inc.

“The public is invited to provide the FSC with any relevant information on this, and any other questionable entities that are purportedly operating in or from within the Territory,” said the FSC notice, adding that the FSC issued the Advisory Warning under Section 4(1)(l) of the Financial Services Commission Act, 2001.

Italy, Belize shun TradingBanks

According to Italy’s Commissione Nazionale Per Le Societa E La Borsa (CONSOB), the company St. World Trade Inc. is not authorised to offer investment services in Italy, including via the website www.tradingbanks.com.

Similarly, the Belize’s International Financial Services Commission issued a similar warning.

“It has come to the notice of the International Financial Services Commission of Belize (IFSC) that an entity calling itself ‘TradingBanks’ claims to be a brand owned and operated by one of our licensed Companies.

“We confirm that this entity has no affiliation with any of our licensed Companies, nor is licensed by the International Financial Services Commission of Belize or any other competent authority in Belize to engage in any type of trading business. The representations made on its website, https://www.tradingbanks.com/ to that effect are false and fraudulent.

“All persons concerned are asked to take note and exercise extreme caution,” said the warning, signed by Neri J. Matus, Director General, International Financial Services Commission of Belize.

Efforts to reach Dr Robert A. Mathavious, Managing Director and CEO of the FSC for a comment on the warning proved futile.