The Financial Services Commission warns the public against the activities
of Drexel Asset Management (Drexel), which has been approaching
investors in Gibraltar through unsolicited or 'cold calls' to invest money
in foreign securities without the necessary authorisation. It would appear
that Drexel personnel are calling from Japan or Malaysia.
The FSC hereby informs the public that Drexel does not have the
appropriate authorisation to provide any type of financial services
activities in or from within Gibraltar. Regulators from Japan, Malta,
Singapore, Belgium, Hong Kong and Luxembourg have already issued public
warnings concerning Drexel.
The FSC cautions members of the public against investing in shares or
other securities through companies that solicit for business through
unsolicited or 'cold calls'.
The FSC would like to remind investors not to enter into any financial
services transaction, unless they have ascertained that the entity with whom
the transaction is being made is authorised to provide such services by the
FSC or other reputable financial services regulator.
A list of licensed entities is available on the FSC website at
http://www.fsc.gi.
The FSC's warning follows several complaints from local investors who
have bought shares in foreign securities from Drexel and have been unable to
redeem these or obtain a refund.
An entity calling itself Benson & Raymond Acquisitions Inc.
(Benson) has recently contacted such investors. Benson offers to buy back
the investors' shares, albeit asking for an advanced fee.
Benson, which appears to be based in San Francisco, California, is not
authorised to provide any financial services in or from Gibraltar. Under the
circumstances, the Commission would strongly urge persons considering dealing
with this entity to exercise the greatest possible caution before
proceeding. Any persons who are already involved in any dealings with the
above entity and have concerns should contact the Manager, Enforcement on
+350 200 40283 or by e-mail to ayome@fsc.gi.