The UK’s Financial Conduct Authority (FCA) has secured a High Court injunction and freezing order against a clone investment firm operating under the name Joh. Berenberg, Gossler & Co. KG.
In March, the FCA published a warning against a clone firm named Berenberg Private Banking, trading as Berenberg Investments.
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It said clone firm has no association with the genuine firm it is purporting to be, private banking firm Berenberg, which is authorised by the FCA.
The regulator said it commenced civil proceedings individuals it believes have carried on regulated activities without authorisation while purporting to be a private bank.
At two hearings on 5 and 11 September 2014, the FCA secured interim injunctions and freezing orders from the High Court following an alert previously issued.
The effect of the orders prevents those operating the clone from promoting and selling shares pending further investigation by the FCA.
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By GlobalDataThe FCA has also frozen some money which is believed to derive from consumers who were led to believe they were investing in shares.
