CMA waves a red flag on suspect investment firm
The Capital Markets Authority (CMA) has warned the public against investing in Fxbitinvest, a company purporting to offer jaw-dropping returns of 400 per cent in just six hours.
In a note to the investing public, CMA has further identified Hassan Juma, Geoffrey Koome and unidentified director domiciled in North America as the persons associated with the suspect company.
“We caution the public not to investment with the company or its directors… Any investor who has been defrauded because of investing with the company is encouraged to report to the nearest police station with a national identity card, bank deposit slip or M-PESA statement, any contract that was entered into and other documents to support the claim,” CMA statement noted in part.
The markets regulator has requested defrauded persons to file complaints directly with the agency through its complaints portal on its website.
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Fxbitinvest has been collecting funds from unsuspecting investors through M-Pesa Paybill numbers: 5578405 (Paybill Name: CYPTO FX INVESTMENT) and 5525835 (Paybill Name: FXBITINVEST).
The caution from CMA comes at a time when the markets watchdog is embroiled in a bitter dispute with investment firm, Cytonn, over the running of their unregulated funds.
In June, CMA sounded a warning to the investing public saying Cytonn Investment Group “is not a licensed and approved entity.”
Currently, CMA has authorised Cytonn Asset Management Ltd as a fund manager for the schemes Cytonn Money Market Fund, Cytonn Balanced Fund, and Cytonn Equity Fund.
Others are Cytonn Africa Financial Services Fund, Cytonn Money Market Fund and Cytonn High Yield Fund all of which the CMA has given a clean bill of health with respect to their management.
Further, CMA has ordered Cytonn Asset Managers Ltd, the regulated arm of Cytonn Investments to change the name of its products with a view to eliminate confusion between the firm’s regulated and unregulated products in the eyes of the investing public.
