Warning over unauthorised investment firm

The Malta Financial Services Authority (MFSA) has warned the public against the activities of Drexel Asset Management. Without the necessary authorisation, Drexel Asset Management has been approaching people through unsolicited or cold calls asking them to invest money in foreign securities.

It would appear that Drexel staff are calling from Japan or Malaysia, the MFSA said in a statement. It added that Drexel does not have the appropriate authorisation to provide any type of financial services activities in Malta.

The MFSA also warned the public against investing in shares or other securities through companies seeking to obtain business through unsolicited or cold calls. These companies may be part of an international share scam, which has victimised investors in several countries.

The authority reminded investors not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made holds a licence from the MFSA, or other reputable financial services regulator, to provide the services.

A list of entities licensed by the MFSA is available on www.mfsa.com.mt.

The MFSA's warning follows several complaints from Maltese investors who have been approached by Drexel during the past few days. The potential investor is usually told that s/he can "make a profit straight away".

For additional information, contact the MFSA's consumer complaints manager on tel: 800 74924; or e-mail consumerinfo@mfsa.com.mt.