Public Warning – ArdanFX

This notice is issued by the Isle of Man Financial Services Authority (“the Authority”) in accordance with the powers conferred upon it under Section 30 of the Financial Services Act 2008.

Warning of suspected bogus entity

ArdanFX (“the entity”)

ardanintl@outlook.com (“the email address”)

https://ardanfx.com (“the website”)

This statement is to warn members of the public against dealing with unauthorised financial service providers.

The Authority has become aware of the website, claiming to offer financial services including training in FX products.  The fraudulent site appears to be a training scheme where individuals pay for trading courses on the promise of a job or investment opportunity on completion. A number of individuals have come forward claiming that promised monies are not forthcoming from ArdanFX when requested. 

Within documentation seen by the Authority, the entity claims to have an  Isle of Man address and also claims to be affiliated to a genuine Isle of Man company, Ardan International Limited.  The names of a number of genuine Ardan International Limited staff are used without permission within the website.

The Authority wishes to draw attention to the following observations:

The directors of the genuine Isle of Man company, Ardan International Limited confirm they have no connection whatsoever with the entity and no permission has been given to use their company details within the website or on other social media sites. Use of bogus information within the website gives us concerns as to the legitimacy of the offerings.

The Authority has failed to establish any association between the entity and any genuine Isle of Man companies or businesses.

The entity is not licensed with the Authority to offer the range of financial products on the website.  A list of all entities licensed or registered by the Authority can be found at:

https://www.iomfsa.im/register-search/

Under the circumstances, the Authority is concerned that any person who has accessed the website may potentially become the victim of fraud or it may be an attempt at gaining personal data from the browser in order to steal their identity.

General advice on how to avoid becoming a victim of identity theft and advanced fee frauds can be found on the Action Fraud website at http://www.actionfraud.police.uk/ID and http://www.actionfraud.police.uk/fraud-az-advance-fee-fraud respectively.

Any persons who are already involved in any dealings with the website should consider notifying their local Police, bringing to their attention the contents of this notice.

Anyone with general concerns concerning any individual or company holding themselves out as conducting a regulated activity in or from the Isle of Man without the requisite licence should contact the Enforcement Division at the Authority on +44 1624 689311 or by e-mail to enforcement@iomfsa.im for advice.

Authority Reference:  NR/10/2023 – 28 September 2023