MFSA Warnings – Lexford Legal Group – Compensation Programme Fake Ads

The Malta Financial Services Authority ("MFSA" or "the Authority") has become aware of an entity operating under the name of 'Lexford Legal Group' on social media, which is falsely claiming, through sponsored online advertisements, that the MFSA has launched a compensation programme for Maltese residents who have suffered financial losses due to fraudulent brokers or fake investment platforms. These advertisements further allege that a list of affected individuals has already been compiled and encourage the public to click on the link 'learn more' to verify whether they are included on this list.

The MFSA denies involvement or association with this scheme. Any claims suggesting involvement of the MFSA with this scheme are false and are intended to mislead the public.

The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/. For more information on financial scams please refer to the MFSA scam awareness document to keep yourself informed on red flags which help consumers of financial services to identify such financial scams.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.