Whitestone Finance Ltd positions itself in the global financial market as a legitimate financial brokerage firm which offers advisory broking and execution services to private clients, investment banks, hedge funds and portfolio managers. But according to the Financial Services Register of FCA, this broker is unauthorized firm. Despite the address and phone number are indicated on the company’s website they are not correct because they are not listed in the register.
Moreover, in the case of this broker, it uses the address and name of the genuine firm, the Jersey incorporated company. This one prepared a Public Statement in order to ‘warn investors and others against dealing with unauthorized financial service providers. WF Ltd has not received authorization to conduct financial service business within the meaning of the FS (J) L‘.
That’s why we have to consider the Whitestone Finance Ltd is a clone of Jersey incorporated firm. Frequently such firms use the name of the genuine firm, the ‘firm reference number’ (FRN) or other details.
So, we started to look for other accounts of this firm, for instance, their Facebook or LinkedIn pages but we didn’t find anything. Then we tried to check some information about the fraudsters on forums to find out the truth.
Finally, we found what we’ve been searching for, namely, negative feedback from its clients. Here are some of the causes of customers dissatisfaction. One client bought a vehicle for $16,000 and put $10, 000 down. Nothing was wrong with his credit. So he wanted to pay the whole amount but was convenience by the dealer to go with Whitestone Financial to help with his credit. Instead, he is paying close to $13,000 in loans for a $7000 balance. Also, according to this customer, dealer added on extra insurance with statement Whitestone would not Finance the client without it.
In conclusion, we strongly recommend you always to check the legitimacy of the broker which you want give your money.