The Securities and Futures Commission (SFC) of Hong Kong today issued a warning against Facebook advertisements paid by Alpha Advice in relation to a suspicious investment product “Litigation Asset-Backed Notes” or “90-Day Notes”.
The Facebook advertisements for “Litigation Asset-Backed Notes” or “90-Day Notes”, which appear to be targeting Hong Kong investors, contain references to the common features of debentures. The SFC did not authorise the advertisements under the Securities and Futures Ordinance (SFO) and they may constitute “prospectuses” under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) without the SFC’s authorisation for registration under the CWUMPO. This led the SFC to suspect that the issue of these advertisements may have breached the SFO and/or the CWUMPO.
“Litigation Asset-Backed…
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