Several local and foreign investors allege that they were scammed by Standpoint Finance, a company registered in St Vincent and the Grenadines.
According to its website, (Standpointfinance) is a leading forex broker, using an advanced social platform for simpler and smarter trading.
A number of investors in SVG told St Vincent Times that upon seeking to withdraw monies they would have accumulated, communication from the company ceased, and they were not allowed to access their accounts.
“I have no access to over US $5000 I invested. I was simply asking for my equity, and all communications stopped”, one Vincentian investor told St Vincent Times.
A Canadian investor who spoke with St Vincent Times said; “They stopped all communications with me, and I refused access to withdraw my equity amounting to $5. 719.42 USD”.
The company offers three types of investment accounts starting at US $3000 – $50,000.
In an email on Saturday, PersonalReviews, which monitors forex broker websites, told St Vincent Times;
“After taking a look at the company’s website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software”, which is another red flag, as these kinds of websites are notoriously famous for scamming schemes”.
“So Standpoint Finance is just another unregulated forex broker, which means the customers are not protected. There is a high probability they will get away with investors hard-earned money, and there will be no regulating agency to hold them responsible”.
Trustpilot who hosts reviews to help consumers shop with confidence online had over 88 reviews from investors of Standpoint. Ninety-seven percent of them said they were scammed.
Standpoint websites state that the company is under no obligation to assess the appropriateness of any transaction for the client or whether the client has the necessary knowledge and experience. All risks associated with trading are the sole responsibility of the client.
On November 15, Standpoint Finance announced its resolve to establish its Bitcoin mining farm via a Global-Newswire release, hinting that negotiation is ongoing.
Standpoint Finance is registered under St. Vincent and the Grenadines laws, with registration number 26392 BC 2021 and registered address Suite 305, Griffith Corporate Centre, Kingstown, St. Vincent and the Grenadines.
According to the company’s website, they are duly organized and exist under the Laws of Saint Vincent and the Grenadines, accordingly to the Business Companies (Amendment and Consolidation) Act Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines (Act), 2009 and Regulations made under the Act.
Standpoint Finance did not respond to emails from St Vincent Times.
