Jersey Financial Services Commission warns public against iCap Law LLP advance fee share-sale scam

The Jersey Financial Services Commission issued a fraud warning about iCap Law LLP, describing it as a scam entity that shows warning signs consistent with advance fee fraud. The Commission reported that a member of the public was cold-called with a false offer to buy their shares in a genuine investment for an inflated amount, but was told they first had to pay a deposit to convert shares from restricted to common shares. The Commission reminded the public that advance fee fraud involves requests for upfront payments with a promise of a later reward that never materialises, and highlighted warning signs including spelling mistakes and poor grammar, pressure and urgency, offers that seem too good to be true, unusual payment methods, and unsolicited correspondence. It urged individuals to verify credentials independently and asked anyone who has had dealings with the entity to contact its Enforcement team, including via its confidential whistleblowing line.