Alpari Warns Against Clone Websites, Cantor Fitzgerald Hires in FX Division

Forex trader Alpari has warned against some fake websites that are attempting to defraud potential customers, saying that there is no relationship between itself and such sites.

The clone websites are fast becoming a headache especially in UK, where Alpari’s UK unit has warned customers regarding several impostors who are abusing its brand. Cloning involves creating fake websites with graphics and names resembling those of original and established companies in order to dupe potential investors.

The list of the fraudulent sites includes; Alparimalaysia.com, Alpari-cr.com, En.hj-fx.com & Alarpi-cn.com. The four websites claim to be affiliated to Alpari, a misleading claim. The sites either illegally collect personal information for defrauding clients or send direct marketing messages.

Alpari UK told potential investors not to provide bank account details, deposit monies, or provide any personal details to anybody claiming to be representatives of the fraudulent websites. It also advises anyone to contact its dedicated customer services if in doubt, or report the issue to the Financial Conduct Authority that has been conducting a crackdown on fake websites over the past year.

Other recent high-profile clones targeting other legitimate FX brokers include Sky Forex UK, which operated the website www.skyforex.co.uk and FXDirect Dealer that operated www.fxdealer.us. The two clones targeted potential and existing clients of SkyFX and FXDirectDealer, LLC.

Meanwhile, leading financial services firm Cantor Fitzgerald expanded its FX Sales and Trading unit with the hiring of Joseph Pinto and Stephan McElreath as the Senior Managing Director and Vice President respectively. The two will all report to James Reilly, the Senior Managing Director and Global Head of FX Sales and Trading.

Mr. Pinto recently worked at Goldman Sachs as Head of Americas FX Sales, and previously worked at Bank of America and Barclays Capital in electronic FX business. He graduated from Quinnipiac University with a B.A. in Financial Management. Mr. McElreath also left Goldman Sachs where he was the Vice President of FX Sales. He graduated from Bucknell University with a Biomedical Engineering degree.