The Malta Financial Services Authority (MFSA) issued a statement on Wednesday to warn the public about an entity with the name of Northway Brokers and has an internet presence in Malta.

The entity has made unauthorised use of a similar name, and makes reference to the head office of a locally registered company of the name Northway Brokers Ltd, which surrendered its financial institution’s licence in July 2014.

Northway Brokers, on the other hand, is claiming to be “a regulated investment adviser serving institutional and private clients globally”.

The MFSA warned that Northway Brokers is not a Maltese registered company and is neither authorised to provide any financial services in or from Malta. It added that Northway Brokers has no association with Northway Broker Ltd and the website in question appears to be a clone of the legitimate entity.

Consumers of financial services were reminded not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

A list of entities licensed by the MFSA can be viewed on the authority’s website here.

For more information on clone companies one can refer to the scam detection guidelines issued by the MFSA here.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, stop all transactions with the company and contact the MFSA here as soon as a suspicion arises.