New Zealand’s Financial Markets Authority (FMA) recently placed Leumi Vest and its website leumi-vest.net on a warning list on its website.
The FMA said: “We believe that Leumi Vest is defrauding through its website, which offers investment schemes and claims to offer high returns to investors. However, we understand that investors cannot withdraw the funds they have invested in the website.”
According to the FMA investigation, Leumi Vest is not a registered financial services provider and is not regulated in New Zealand. This website contains various false and misleading statements, such as:
“Leumi-vest.net is a member of the Common Self-Regulatory Organization, a self-regulatory body accredited by the New Zealand Securities and Investments Commission”;
“Leumi Vest is a division of Newzealand Investments Inc., a registered investor, a member of the New Zealand Investment Industry Regulatory Organization and the New Zealand Investor Protection Fund (NIPF).”