British Financial Supervision Commission / Eric Timothy - Update

Update: Eric Timothy – 20 October 2009

The Commission has recently received documentation from a member of the public which purports to have been sent by a Mark Borbosa, Director of Operations, TPWCH (a Private-Sector Fund Clearing & Payment Centre). TPWCH purportedly stands for “The PacificWest Financial Clearing House”. The Commission has no knowledge of such an organisation.

The documentation sent to the Commission refers to an alleged “Approval Notification for International Fund Clearance Release Order”. The documentation states “The British Financial Supervision Commission (BFSC) has asked that we re activate your payment mandate to enable you receive your overdue payment… …Your presence is therefore required at the Enforcement and Authorisation Division of the British Financial Supervision Commission, Finch Hill House, Bucks Road, Douglas, IM99 1DT, United Kingdom, within 14 (Fourteen) days of this notice for the endorsement of your International Fund Clearance Release Order, upon which you shall have unrestricted access to your fund.”

The Commission can categorically state that the address given above is the address for the Isle of Man Financial Supervision Commission, not the British Financial Supervision Commission. The Commission is unaware of any organisation either here in the Isle of Man or in the United Kingdom, called the British Financial Supervision Commission.

The Commission can confirm that the Isle of Man Financial Supervision Commission is not connected or associated in any way with Mark Borbosa, TPWCH or the British Financial Supervision Commission. The Commission has no knowledge of any genuine document known as an “International Fund Clearance Release Order” and would be unable to endorse any such purported document presented to it.

The Isle of Man Financial Supervision Commission is an independent statutory body responsible for the licensing and supervision of banks, building societies, investment business, collective investment schemes and corporate and trust service providers in the Isle of Man. The Commission is also responsible for the Isle of Man Companies Registry which incorporates companies and registers documents required to be filed under the Companies Acts and related legislation.

Update: 20 October 2009

The Commission has received further documentation regarding this issue. One of the documents seen by the Commission claims to be sent from an “Eric Timothy, Enforcement and Authorisations” of the “Financial Supervision Commission, Finch Hill House, Bucks Road, Douglas, IM99 1DT, United Kingdom” and is purportedly regarding an “International Fund Clearance Release Order”.

The Commission can confirm that the address given above is that of the Isle of Man Financial Supervision Commission, however, the Commission can categorically state that there is no Eric Timothy now or formerly employed by the Isle of Man Financial Supervision Commission. Nor have the Isle of Man Financial Supervision Commission ever had any knowledge of any documentation regarding an “International Fund Clearance Release Order”.

The documentation also bears a purported logo for and mentions the name of “European Financial Watch Dog, UK Chapter”. The Commission is unaware of any entity by this name and can categorically state that it has no association or connection with any such entity.

All other comments previously made by the Commission in the above Public Notice remain valid.

Under the circumstances the Commission feels that the aforementioned documentation is being used to either tempt the recipient into becoming the victim of an Advance Fee Fraud or is an attempt at gaining personal data from the recipient in order to steal their identity.

For your information please see explanatory notices issued by the Commission regarding Advance Fee Frauds and Identity Theft.

Also see information issued by the Isle of Man Office of the Data Protection Supervisor.

Under the circumstances the Commission would encourage people receiving documentation matching the above description to refrain from responding to them in any way.

Any persons who are already involved in any dealings resulting from the above documentation and who have concerns should contact the Enforcement Division on +44 1624 689314 or by email to fsc@gov.im.

Any persons who have paid out funds in relation to the above documentation or who have provided personal financial details in relation to the above scenario should consider contacting their local police fraud unit without delay.