The Central Bank has issued public warning notices against three firms operating as unauthorised investment firms in the Republic.

The warnings have been made in respect of Kline Management Group, Pierce Watters & Associates Consulting and Pacific Prime Holdings Limited, all of which have been engaged promoting investment opportunities directly to the public.

The Central Bank has taken the warning action after receiving a number of consumer complaints about the three entities. It is a criminal offence for an investment firm to operate in the Republic unless it has been authorised by the Central Bank.

In the case of Kline Management, believed to have operated from Belgium and Japan, consumers were invited to partake in the initial public offering of a technology company about to list on the Nasdaq exchange. Kline engaged in cold-calling and fax communication about the venture.

Pierce Watters, a US-based company, was engaged in similar practices, recommending the purchase of shares in a European company on the basis that they were set to increase in value.

Pacific Prime Holdings, another US company, was purporting to sell options in central-heating oil to consumers. After an initial cold call, the company would forward information on the so-called opportunity, which turned out to refer to currency options.

The three companies, which came to the attention of the Central Bank in the second half of last month, bring to 104 the number of unauthorised firms censured by the Central Bank through the public-warning mechanism since 1998.