Hungary's financial market regulator PSzÁF on Monday said it reported Freedom Rocks Inc, a US-based distributor of software for forex trading, to the police on suspicion of organizing a pyramid scheme.
PSzÁF said an investigation it carried out established that Freedom Rock's activities cannot be classified as investment services or the intermediation of such services, but it still warned potential clients of attached risks.
PSzÁF warned that neither Freedom Rocks nor the brokerages it recommends fall under PSzÁF's regulatory powers. Neither are members of Hungary's National Deposit Protection Fund or Investment Protection Fund. Because they are all based abroad, legal recourse may not be taken in Hungary, PSzÁF added.
Source: Budapest Business Journal
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