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Bermuda's Regulator Issues Clone Firm Warning

by Mike Godfrey, Lowtax.net, Washington
01 February, 2016

The Bermuda Monetary Authority (BMA) has warned investors that it has been alerted to the operations of a clone firm, with fraudsters purporting to be Kuva Limited.

The BMA said there is a legitimate, Bermuda-registered entity that operates an authorized investment fund named Kuva Limited, which is listed on the "Authorised Funds" section of the Authority's website.

The BMA said a new website had been launched by fraudsters in an attempt "to convince investors that they work for that entity when they do not." The Authority has confirmed that, unlike the genuine Kuva Limited, this false company is neither regulated, authorized, nor licensed by it.

The BMA has added the clone firm of Kuva Limited, and its website, to its warning list of unauthorized firms, and has advised that investors exercise caution.

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