The Securities and Exchange Commission (SEC) has updated its “PAUSE” list or Public Alert: Unregistered Soliciting Entities.
The list highlights bogus offering sites and fictitious regulators. In the internet era, both are rampant as anyone, anywhere can cobble together a pretty slick looking website making fraudulent claims. In effect, a digital trap for the unsuspecting.
On the list published today are multiple fake regulators, including:
- Board of Financial Affairs
- Finance Regulation Board
- New York Compliance Regulatory Board
- US International Registry & Compliance Agency
It is not immediately clear what these fake regulators are seeking to accomplish.
Regarding fake “soliciting entities” that is a bit more straight forward. Invest your money and poof it is gone. A professional-sounding name and an appropriate (and most likely non-existent) address is all it takes.
The larger list includes over 1000 names of dangerous sites but be forewarned, most certainly the PAUSE list is just a sampling of bogus, securities focused websites lurking on the internet.