UK regulator says scammers are selling fake investments in graphene
The UK Financial Conduct Authority (FCA) has warned investors to beware of scams involving graphene, as evidence of a graphene investment company was found on a computer belonging to a suspected ‘boiler room’ company.
Graphene, the two-dimensional allotrope of carbon, has drawn increasing media attention in recent years, often dubbed a ‘wonder material’ with many potential uses, from next-generation batteries to flexible electronics. The FCA warns that scammers may be using this to their advantage, selling bogus investments in graphene over the phone. Often, it said, investors do not realise graphene is still many years away from being used in consumer products.
The regulator warned investors not to be fooled by the hype surrounding graphene. ‘There is a strong possibility of fraud with graphene because it is unregulated and it is difficult to confirm that you have bought the genuine product,’ it told consumers. ‘If it sounds too good to be true, it probably is!’
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