Fraudsters have 'cloned' some of the details of the website of Netwealth (FRN: 706988) to try to con potential victims.

The fraudsters are calling themselves Netwealth Trade Limited and using the website www.netwealthtrade.com along with an email address This email address is being protected from spambots. You need JavaScript enabled to view it. and a mobile telephone number.

The FCA has issued a warning and said the scammers may give out other false details and mix these details with the genuine details of Netwealth.

The genuine Netwealth Investments Limited is a respected London-based wealth manager, Financial Planner and discretionary fund manager. The firm also offers hybrid online Financial Planning services.

The firm was founded in 2015 by former Goldman Sachs partner Charlotte Ransom and former JP Morgan executive Thomas Salter.

Many Financial Planning firms and other regulated firms, including several fund managers, have been targeted for clone attacks by scammers in recent years. Scammers try to copy the website and other details of legitimate firms as part of a fraud attempt.

The FCA has was also targeted by scammers itself in March, when the regulator warned that scammers had tried to clone the FCA website and were regularly using fake emails to target regulated firms. 

In April the FCA begun criminal proceedings against four individuals allegedly involved in a £1.4m investment fraud involving a number of firms, including two ‘cloned’ firms.

The FCA confirmed to Financial Planning Today that the charges are the first against individuals involved in cloned financial firms.

The individuals have been charged with conspiracy to commit fraud involving unauthorised investment schemes and for conspiracy to carry out regulated activity without authorisation.

Two of the individuals have also been charged with money laundering and one individual with possession of false identity documents and perverting the course of justice offences.  

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