NZ FMA Flags Suspected Scams CapitalXTrade and Coyken as Investors Report Losses

The Financial Markets Authority of New Zealand (NZ FMA) has raised concerns after two investors reported financial losses when dealing with CapitalXTrade. According to the FMA, representatives of CapitalXTrade employed aggressive sales tactics to pressure individuals into investing.

Further investigations by the regulator suggest a connection between CapitalXTrade and Coyken, an entity previously flagged by the Australian Securities and Investments Commission (ASIC) as unlicensed in a public warning. The FMA also identified CapitalXTrade as being involved in politician endorsement scams, which it has cautioned against.

ASIC warns against Coyken

Both CapitalXTrade and Coyken are offering financial services to New Zealand residents. However, the FMA has confirmed that neither entity is registered to provide such services under New Zealand’s financial markets legislation.

The FMA has urged the public to exercise extreme caution when dealing with CapitalXTrade and Coyken.

Details of Suspected Scam

Entity name: CapitalXTrade

Websites: capitalxtrade.com, coyken.com

Associated Person: Stephen Baker

Emails: Stephen.b@capitalxtrade.com; Stephen.b@baker.com; Stephen.s@coyken.com; support@capitalxtrade.com; support@coyken.com; info@coyken.com

Telephone: +44 208 0890855