Options Rider warning issued by New Zealand’s FMA
When Options Rider first launched, the company claimed to be ‘authorized and regulated by the New Zealand Securities and Exchange Commission‘:
This turned out to be a load of baloney, primarily because there is no New Zealand Securities and Exchange commission.
The securities regulator in New Zealand is the Financial Markets Authority, who play a ‘critical role in regulating capital markets and financial services in New Zealand’.
In responding to a query asking whether or not Options Rider were indeed registered as a financial services provider in New Zealand, the FMA responded that Options Rider
is not registered on the Financial Service Providers Register (FSPR) or regulated as a financial service provider in NZ.
Evidently that clarification wasn’t enough, with the FMA publishing an official Options Rider warning on their website.
On their website the FMA maintain a list of official warnings issued, with Options Rider added to the list sometime this month.
Warn the FMA;
The FMA is concerned that Options Rider is claiming to be regulated in New Zealand when it is not.
We have received reports that the company has claimed to be authorised and regulated by the New Zealand Securities and Exchange Commission.
We note that there is no New Zealand Securities and Exchange Commission and Options Rider is not regulated as a financial service provider in New Zealand.
To this day, Options Rider on their website profess to be based out New Zealand:
Where is Options Rider Limited based?
Options Rider is based in Auckland, New Zealand.
The address provided however belongs to Regus, who sell virtual office space and mailing addresses.
Some banking channels have been observed in Australia, but again Options Rider don’t appear to have an actual physical presence there.
The only country Options Rider has been tied to is China, from where Bob Roberts oversees the scheme.
It is believed Options Rider launder funds invested by affiliates through murky Chinese banking channels.
Recently it was reported that Options Rider had stopped signing up new affiliates, severing its primary source of revenue.
How long before the company collapses is anyone’s guess.