Beware of Bristol Consulting FX and SME International

Regulators from Canada and New Zealand have warned about two Forex brokers.

The warning from Canada is about Bristol Consulting FX, which is a Forex broker based in Panama. It is not regulated, yet it is targeting residents from Canada (and presumably other countries).

The New Zealand FMA has warned against SME International, which is a broker that pretends to be regulated by the FMA, but it is not. In fact, it is not regulated at all.

We recommend using regulated brokers for trading.

3 thoughts on “Beware of Bristol Consulting FX and SME International

  1. Unfortunately, Bristol Consulting FX did turn out to be a scam. I took a shot and sent them $1000 which they fairly quickly claimed to have turned into some significant money and I foolishly sent them an additional $2000 when a specific opportunity came up. They had built my account up to supposedly around $100,000 when, due to some market shifting, they liquidated the trades and the funds were all being held at the “Clearing House” (the name on some documents I have is BN G.S.F.D. Clearing House) This Clearing House, strangely enough, put deadlines on the funds deposited with them and I was told that unless something was done before those deadlines, the Clearing House will keep the funds (that alone was suspect). I don’t need to go into all the details, but suffice it to say that they played this out well enough that I wasn’t sure if it was a fraud or not (they had me sign trading agreements, sent reports on my account usually twice a week, and the account manager, Andy Garcia, regularly called to update me on where they were with the trading. Generally they claimed to be investing in Gold Put Options and Bitcoin Options.

    Of course, when I requested they send back the $3000 and continue to trade with the profits, that’s when the problems started. Supposedly I was to receive a call (and I was given a specific time that the call would be made to me) from the Clearing House so that they could record my instructions to send the funds. That call never came, and after then their website went down. They stopped using the email address on that domain and sent me a couple of emails from a Yahoo address, but responses to that have stopped. And the 866-978-5414 phone number is almost always busy giving you a recorded message (which ends saying that the mailbox is full and can’t accept any more messages). I did manage to get through a couple of times but the parties I had dealt with, David Tencio and Andy Garcia, were always busy and I was told they will call back which of course they never did.

    Since the website is down, I expect they will re-brand and start this scam under a new name. One of the things that convinced me to send them money was that before I did I didn’t come across any complaints about them other than from the Ontario Securities Commission complaining that they didn’t pay them in order to be permitted to call Ontario investors and solicit investments from them. There weren’t complaints from investors saying that they were cheated – although there are the ones up now (see above) and I am adding this to the posts that I hope others will see before they invest with these thieves.

    Hopefully some of the names, companies and addresses below will show up before you send them any money. I have this information from receipts and wiring instructions and since searching for Bristol Consulting will no longer do you any good, hopefully some of these names will alert you.

    The beneficiaries of the wires I sent was:
    Address: Street 22, San Jose, Costa Rica.
    Account Number: CR10010200009355483211

    Jairo David Escalante Fernandez CEO

    The banks involved were these two, apparently in Costa Rica while everything else was represented as being in Panama:
    Banco Nacional de Costa Rica
    Ave 1-3 Street 2-4 San Jose, Costa Rica

    Banco Bac San Jose
    Av.3 y 5 Calle 0 San José, Costa Rica

    Hopefully this will save you from making a bad investment with these crooks.

    Clifford Letovsky

  2. Bristol is working in conjunction with an insurance company called I.C.I.C Insurance. Beware of both

  3. What a scam it is
    They took 5k and made me 450k
    when I had to take out the money I had to pay extra 2500 and they said they will pay my 25k in 74 hours it’s been 2 weeks no money. Only lost 8500 but its money that I dont have.

Comments are closed.