Commission Penalized London-based Company for Online Investment Scheme

The Corporation Commission issued a default order against Pips Trailexch of London, United Kingdom (UK) after the company did not respond to allegations about soliciting investors with a trading and investment scheme. The Commission ordered the unincorporated and unregistered entity pay a $25,000 administrative penalty.

The Commission found that, although the business address of Pips Trailexch (Pips) is in the UK, the company’s website and/or domain is hosted in Phoenix, Arizona. Pips fraudulently offered different trading plans and options including foreign exchange (FOREX), cryptocurrency, stock and indices, commodities, crypto mining, exchange-traded funds (ETFs), and gold, which Pips claimed were “100 percent safe.” On its website, Pips misrepresented itself as a licensed member of international regulatory bodies including the Financial Supervisory Commission in the Cook Islands, but the license number belonged to another company. The Commission’s Securities Division is aware of at least one Arizona resident who was targeted by Pips, but no known Arizonans to date have lost money as a result of this ongoing investment scheme.

All documents relating to this agenda item can be found in the Corporation Commission's online docket at edocket.azcc.gov and entering docket number S-21243A-23-0116.

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