CySEC falls victim of impostors


On the day it decided to show its teeth and announce multiple heavy fines on several investment firms in its jurisdiction, the Cyprus Securities and Exchange Commission (‘CySEC’) also issued an announcement to warn the public regarding certain individuals impersonating CySEC officers.

In the announcement CySEC says that it has come to its attention that several types of financial scam messages and/or letters purporting to be sent by CySEC are currently in circulation. More specifically, according to CySEC, “unknown individuals have used the email address [email protected] that does not belong or is related to the CySEC, and other untruthful contact information, presenting themselves as “Adam Theocharides” and “David Jenner-Clarke” of the CySEC International Affairs Department.”

The Cypriot watchdog further details that the individuals Impersonating CySEC officers, have contacted investors and through various means and claims, such as the supposed payment of taxes, convinced them to transfer funds to bank accounts they designated.

In view of this, stresses in its announcement that it is not connected in any way with the above mentioned email address and correspondence and that it never sends unsolicited correspondence to investors or members of the public requesting their personal and/or bank details and/or that they make any sort of financial transaction.

CySEC further clarifies that it does not authorize, verify, monitor, or assist in payments between natural or legal entities or any public or private agencies.

The financial markets regulator in Cyprus therefore urges the public “to remain vigilant over such cases, and in case they receive any communication that appears to be from the CySEC but was not initiated by itself, and appears to ask for the transfer or payment of any amount, to confirm the authenticity of the communication by contacting [email protected] before taking any action.

Lastly, the CySEC urges the members of the public that believe they may have already received such suspect communication to contact the CySEC at [email protected]