Inspection Reason

The inspection team continued its survey campaign as part of the efforts to inspect the forex brokerage industry’s authenticity through picking out those fraudulent brokers, which usually give themselves away once checked addresses. For this session, the survey team went to Auckland to visit a broker named Moa. 

Office

According to the address in its regulation details, the New Zealand broker Moa had its head office at Level 14, Tenancy D, 51 Shortland Street, Auckland.The inspection team went to this place for a field investigation. 

According to the address, the surveyors successfully located this relatively new and upscale office building.  

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The surveyors took an elevator to the 14th Floor, as was shown in the address. They did not find Moa’s name on a company directory sign. Nor was the company found in its physical form among the four firms on this floor that the surveyors discovered after they took a walk around. 

Conclusion

A field investigation according to its registered address did not found Moa’s physical presence in New Zealand. The broker claims to hold a Financial Services Provider license from the New Zealand FSPR, however, forex brokerage does not fall within the business scope authorized by this type of license.