FPG (First Prudential Markets) Scam: ASIC Claim, Withdrawals Delayed

🔴 Licence and Credibility Analysis

• ● SPK Licence: FPG is not authorised in Türkiye by the Capital Markets Board (SPK). It has no authority to serve investors in Türkiye.
• ● ASIC Licence Claim: The platform claims to hold an Australian ASIC licence. However, victim reports are entirely at odds with the standards expected of an ASIC-regulated broker. Five months without payment is not acceptable for an ASIC-regulated platform.
• ● The 5-Month Payment Problem: Victims report that withdrawal requests have gone unpaid for up to 5 months. This period is far beyond the standards of any regulated broker.
• ● Passing Between Branches: Victims with withdrawal problems are kept waiting by being passed to different branches or departments. Each department shifts responsibility to the other, extending the resolution process.
• ● Operational Transparency: It is difficult to find transparent information about the platform's real operating structure, management team and financial position.

⚠️ Scam Methods and Victim Experiences

• ● Branch Referral Strategy: When victims have a withdrawal problem, they are kept waiting in a loop such as customer service → finance department → compliance unit → local branch. Each department states that the solution lies within the authority of another department.
• ● The ASIC Licence Used as a Shield: The platform presents its ASIC licence as proof of credibility. Investors put money in trusting the "ASIC regulated" label, and when problems arise they realise that this regulation does not protect them.
• ● Constant Postponement: Withdrawal requests are not rejected but postponed again and again. With replies such as "processing", "under review" and "awaiting approval", victims are given hope and left waiting.
• ● Encouragement of Extra Deposits: Victims with withdrawal problems are offered additional deposits for a "VIP account" or "priority withdrawal right".
• ● Declining Quality of Communication: As time passes, customer service response times grow longer and sometimes communication stops altogether.

📊 Findings

• ● Analysis of the Name "First Prudential": The words "First" and "Prudential" are symbols of trust and stability in the financial sector. The word "Prudential" is used in the names of large, long-established financial institutions. This naming aims to create an impression of institutional credibility in the investor.
• ● The ASIC Claim and the Reality: An ASIC-regulated broker is required to meet withdrawal requests within 1-5 business days. A delay of 5 months indicates either that the ASIC licence is invalid or fake, or that customers are being served through a different legal entity that is not ASIC-regulated.
• ● Passing Between Branches: This strategy is frequently used by scam platforms. The aim is to exhaust the victim's energy, drive them to despair and finally make them give up their complaint.
• ● Multiple Legal Entities: The platform may operate under different legal entities in different regions. The ASIC-regulated company in Australia and the entity serving customers from Türkiye may be different.

🛡️ Protection Guide

• ● SPK and ASIC Check: The licence status of a platform can be verified on the websites of SPK (spk.gov.tr) and ASIC (asic.gov.au).
• ● Verifying Licence Claims: When a platform claims an ASIC licence, this can be checked on the official ASIC website. The legal entity under which the account was opened can also be found in the contract.
• ● Passing Between Branches: When a customer with a withdrawal problem is constantly redirected to different departments, this is a stalling strategy.
• ● Extra Deposits: Requests for additional deposits for a "VIP account" or "priority withdrawal" while a withdrawal problem is unresolved are a typical sign of this kind of scheme.
• ● If a Person Believes They Are a Victim: The usual steps are to inform the bank, to file a criminal complaint with the Chief Public Prosecutor's Office and to submit a complaint to SPK.

Frequently Asked Questions