Standard Financial Trust / The Investment Bankers
This notice is issued by the Financial Supervision Commission (“the Commission”) in accordance with the powers conferred upon it under Section 22 of the Financial Supervision Act 1988.
Standard Financial Trust The Investment Bankers
The Commission has recently become aware of the above entity which claims to be located in the Isle of Man. This entity is not nor ever has been licensed by the Financial Supervision Commission to undertake Banking, Investment or any other regulated business.
The Commission has been unable to establish any genuine links between this entity and the Isle of Man.
The above entity is not connected to Standard Bank Offshore which is a registered Business name on the Isle of Man for a group of companies comprising of:
- Standard Bank Isle of Man Limited
- Standard Bank Trust Company (Isle of Man) Limited
- Standard Bank Stockbrokers (Isle of Man) Limited
- Standard Bank Manx Holdings Limited
Standard Bank Services Limited Standard Bank Offshore is not in itself licensed or regulated by the Commission, however, those companies within the group undertaking licensable activities are. The licensed and regulated group companies in the Isle of Man are:
- Standard Bank Isle of Man Limited – Banking licence and authorised to conduct Category 3 Investment Business.
- Standard Bank Stockbrokers (Isle of Man) Limited – Investment Business Licence (Category 5c).
- Standard Bank Trust Company (Isle of Man) – Corporate Service Provider Licence (Category 1).
Financial Supervision Commission
P.O. Box 58,
Finch Hill House,
Isle of Man,
Information obtained by the Commission suggests that 'Standard Financial Trust the Investment Bankers' may be involved in a wider fraud, commonly called West African Fraud or 419 Fraud. Intended victims are generally initially contacted via an email. The sender purports to be a government official or close relative of a deceased individual. The victim is offered a large share of money if they help the sender transfer money into their personal bank account. The money does not actually exist. The criminals who operate the 419 Fraud create websites in the name of the nonexistent banking institutions and instruct the victim to open an account there. When the victim accesses the false bank account via the website, they see that the account has been credited by the amount promised. The amount is often many millions of US Dollars. The façade helps to persuade the victim that the money does really exist, but gives the fraudsters opportunity to demand advanced fees for the release of the money from the non-existent bank account. Advice relating to 419 fraud was issued previously by the Commission on 30th December 2002.
If you are in any doubt as to whether an organisation is licensed to conduct banking, investment or corporate services provider business in the Isle of Man please visit the FSC website www.fsc.gov.im . A current searchable list of all licenceholders can be found on the Commission’s homepage by clicking on the 'Licenceholders' icon.
The Commission advises anyone who receives a 419 email or letter, not to respond. The Commission advises persons who are considering dealing with the above entity to exercise the greatest possible caution, bearing in mind the contents of this notice. The Central Bank of the Bahamas has issued a warning relating to an entity called Standard Financial Trust falsely purporting to be located in the Bahamas.
The Office of the Superintendent of Financial Institutions Canada has issued a warning relating to an entity called Standard Financial Trust Bank.
Any persons who are already involved in any dealings with the above entity and have concerns may contact the Enforcement Division on +44 1624 689313.
Any persons who have advanced funds to the above entity should report matters to their local police fraud unit without delay.