The Bermuda Monetary Authority has issued a public warning after discovering a series of fraudulent letters that appeared to be sent in the authority’s name and were used to pressure recipients into transferring money into a crypto wallet.

According to the BMA, the documents were presented to members of the public by an entity calling itself Guardian Law Firm and purported to come from the authority itself. The letters directed recipients to deposit funds “to prevent losses”, and carried a forged signature for a non-existent “Craig Swain”. The BMA stressed that its chief executive is Craig Swan and that it does not carry out any of the actions described.

Regulators said they also identified “several irregularities” on the website of Guardian Law Firm, which was subsequently suspended by its hosting provider on November 21.

The authority urged the public to exercise caution when approached by unfamiliar organisations, especially those making false or misleading claims.

It directed residents to its online warning list of fraudulent entities and communications at www.bma.bm/warning-list.