Jersey Financial Services Commission Logo

2005

Recovered Fund Account - 16 June 2016

Public Statement - Recovered Fund Account

This statement is made in order to warn investors and others against dealing with unauthorised financial service providers that purport to have a connection with Jersey and the Jersey Financial Services Commission.

www.recoveredfundaccount.com

The Jersey Financial Services Commission (the “Commission”) has issued this public statement under Article 48(2) of the Banking Business (Jersey) Law 1991, as amended (the “Banking Business Law”).

The Commission believes that the operators of www.recoveredfundaccount.com (the “website”) are carrying on or holding out that they are carrying on banking business, either in the Island of Jersey or elsewhere, and it is desirable to issue a public statement concerning the website and any associated correspondence related to this domain in the interests of the public.

The Commission is aware that unsolicited emails have recently been sent by the operators of this website.

1. The first email claims to be from the ‘Account Operator Financial Advisor of Standard Bank Offshore, Jersey, United Kingdom’ and originates from the email address ‘advisor@recoveredfundaccount.com’. The email claims that a large sum of money has been received in favour of the email recipient. The email contains attachments including a ‘facsimile transmittal sheet’ purporting to be from ‘Standard Bank Offshore’ and an ‘International Payment Declaration Form’ purporting to be from the Commission and utilising the Commission’s logo. The recipient is requested to complete the form by filling in their banking details.

2. Upon receipt of an individual’s banking details by way of the ‘International Payment Declaration Form’ a second e-mail is sent from the domain ‘recoveredfundaccount.com’ claiming that ‘the FSC has declined certification of your filled returned payment declaration form’ and that as a result a ‘penalty’ by way of a fine is being charged by the Commission.

3. The Commission wishes it to be known that it has issued no such ‘International Payment Declaration Form’. Therefore any such reference to the Commission is false.

4. From the evidence provided to the Commission, such unsolicited emails originating from the domain ‘recoveredfundaccount.com’ display all the warning signs of being an advance fee fraud.

5. Such correspondence is not connected in any way to the genuine authorised banking, trust company and investment businesses of Standard Bank Offshore Group Limited and its subsidiaries.

6. The Jersey regulated subsidiaries of Standard Bank Offshore Group Limited, together with all other regulated Jersey businesses, are listed on the Commission's website at www.jerseyfsc.org.

Any person who has had dealings with www.recoveredfundaccount.com or any associated correspondence from this domain is requested to contact the Commission.

Gary Godel
Director Enforcement
Jersey Financial Services Commission.

Nelson House
David Place
St. Helier
Jersey
JE4 8TP

05 July 2005

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