FMA investigating forex firm
The Financial Markets Authority is investigating a foreign exchange company, Morgan Cooper Ltd, and a man, Rodney McCall, following a complaint.
Its investigation, announced today, is for potential contraventions of financial markets legislation by the company and Mr McCall, who is also known as Rodney Crichton.
The market watchdog says MCL claims to offer foreign exchange currency programmes through its website.
It is calling for anyone who has been in contact with the company or Mr McCall to contact it or log a complaint.
Companies Office records show MCL was incorporated last September and is directed and owned by a Vannessa Crichton of Auckland.
MCL website says it is a “proven company” which provides forex trading to investors in Australasia.
It says it has been doing this for 20 years, over which time the financial environment has “definitely changed.”
“We have trading expertise, and advanced technologies tailor-made for each of our clients,” the website says.
“We have hundreds of clients receiving text updates for their financial portfolio straight to their mobiles every day”
MCL also has a disclaimer on the website saying it is an experienced market trading educator, rather than a financial adviser.
It says it does not manage money or any trading accounts.
“Our role is to provide you with the signals to enter and exit the market.”
NBR has been told Mr McCall is in a meeting and unavailable to talk at the moment.