THE Financial Planning Association of Malaysia (FPAM) has advised the public to be wary of dubious investment schemes sold under the names of legitimate financial planning firms.

In a statement today, FPAM warned that swindlers were using bogus companies to confuse people while pretending to represent legitimate financial planning firms.

“They also offer dubious investment schemes that promise high returns and post bogus investor testimonials to show proof of transfer receipts and making profits to gain the confidence of potential victims,” it said.

The association said nine financial planning firms have had their names cloned to promote illegal schemes. 

“Their actual names are Wealth Vantage Advisory Sdn Bhd, Genexus Advisory Sdn Bhd, Excellentte Consultancy Sdn Bhd, Alpine Advisory Sdn Bhd, UOB Kay Hian Securities (M) Sdn Bhd, CC Advisory Sdn Bhd, Harveston Wealth Management Sdn Bhd, iFast Capital Sdn Bhd and Kenanga Investors Bhd,” it said.

FPAM advised the public to refer to the Securities Commission for a list of licensed and registered persons and to check with the financial planning firm itself before making any payments.

“Victims of these scams should immediately report to the National Scam Response Centre at 997 and also file a report with the SC,” it added. – Bernama, April 13, 2023.