Hong Kong’s Securities and Exchange Commission (SFC) today warned the public about several suspicious investment products – namely, Free Guy, “Gold Scalper” and “Gold Champ”.
These products include automated trading systems that invest in gold contracts for differences (CFDs) and foreign exchange (forex).
The Products have not been authorized by the SFC for offer to the Hong Kong public and are suspected of being in breach of the Securities and Futures Ordinance (SFO).
The SFC notes that the Products were promoted through various social media accounts or channels to solicit investment in the Products, claiming to offer high returns in some cases. In one of the cases, problems with withdrawing funds have been reported.
The Products and their related information were published on the SFC’s Suspicious Investment Product Alert List on 19 February 2024.
The public is cautioned not to invest in investment products that are not approved by the SFC. As these products are not regulated by the SFC, their investors have no or very limited protection and may lose all their investments. The SFC once again reminds the public to be cautious and skeptical of “too-good-to-be-true” investment opportunities and to remain vigilant when making investment decisions.
Investigations are ongoing and the SFC will take all necessary action where there is any breach of the law.