Unauthorised firms warning by Central Bank
The Central Bank has issued a public warning that a company operating as an investment firm here is not authorised to do so.
The company, Dow Templeton & Associates Corp, has been recommending to Irish residents that they buy shares, through Dow Templeton, in companies outside Ireland.
The company's activities were highlighted in The Irish Times last Friday. It was reported that similar activity was also being carried out in the name Dalton Kent.
Dow Templeton is registered in the Turks and Caicos Islands though its marketing material states that its address is at Antwerp, Belgium.
The Central Bank warning was given in newspaper advertisements yesterday.
This is the second such advertisement placed by the bank since the coming into effect on August 1st last of a provision of the Investment Compensation Act 1998. On August 27th an advertisement in the national newspapers drew attention to the fact that a company, Investment Program Management Inc (IPM), which is incorporated in Belize, was distributing marketing material stating it was engaged in the sale of options and a related collective investment products.
IPM is not authorised as an investment intermediary in any EU member-state.
On August 18th last, the High Court directed the Central Bank to publish a notice in the newspapers concerning James Bowen and Associates Ltd and James Bowen Investment Consultants Ltd. Authorisation for the former company to act as an investment intermediary was revoked in January. James Bowen & Associates was never an authorised investment consultancy company.