The Financial Markets Authority (FMA), New Zealand’s financial watchdog, has issued a warning regarding the unauthorized operation of Stern Options. The brokerage offers binary options trading and financial services.
Stern Options, also known as Stern Binary Options, has appeared in a number of reports received by the FMA. The company’s lack of authorization or license did not stop it from marketing its services to New Zealand-based clients via cold calls. Stern Options claims an office at the Stern European Support Centre, 5th and 6th Floors, Landmark Building, 14 Tsar Osvoboditel Blvd., Sofia, Bulgaria.
The Kiwi financial authority stated in its warning that clients interested in trading with this broker should exercise caution.
About a month ago, the FMA updated its warning list to include China Advisers, a company that offers retail and institutional financial services. The broker’s trading environment consists of bonds, stocks, commodities, among other assets. Despite China Advisers’ claims, it has not been authorized to operate in New Zealand. The regulator further expressed its concern that this financial entity might be running a scam operation following a troubling report. The report stated that the company continues to solicit clients, though it is incapable of returning their money as promised.
In May, the FMA added Corner Oaks Group to its blacklist following several complaints from traders. This broker also offers trading in stocks, commodities, and bonds, among other assets. The FMA advised against trading and funding accounts at this brokerage.