Regulatory authorities of Italy and Belgium warn the public for unauthorised investment firms 

The Commissione Nazionale per le Società e la Borsa (Consob), the regulatory authority of Italy and the Financial Services and Markets Authority (FSMA), the regulatory authority of Belgium, have issued “Warning” announcements to inform investors and public for companies operating without the required authorisation.

According to CONSOB, the companies:

1) Baxton Services Ltd is not authorised to provide investment services and business in Italy in any way, including through the website www.ubroker.com;

2) Trade 24 Investment Ltd and Trade 24 Services Ltd are not authorised to provide investment services and business in Italy in any way, including through the website www.trade-24.com.

3) Oxford Markets and Global Trading Solutions are not authorised to provide investment services and business in Italy in any way, including through the websites www.oxfordmarkets.com and www.globaltradingsolutions.net.

In addition to the warning issued, CONSOB announced that has adopted four measures for investor protection in relation to the offering to the public resident in Italy of equity investment association contracts promoted by the British company Vgm Business Ltd in the absence of the prescribed authorisations and advertised through numerous websites. In particular, Consob has suspended, as a precautionary measure, for a period of 90 days:

• under the terms of Art. 99, paragraph 1, lett. b), of Italian Legislative Decree No. 58/1998, the offering to the public of equity investment association contracts in business initiatives, promoted also through the websites www.investimentiimmobiliariinghilterra.com, www.investimentiimmobiliariamerica.com, www.investimentiimmobiliarigermania.com andwww.vgm-business.com (Resolution No. 19404 of 08 October 2015);
• under the terms of Art. 101, paragraph 4, lett. b), of Italian Legislative Decree No. 58/1998, the activity of advertising the said contracts, carried out by Monopoli Trade Ltd through the website www.monopoli-trade.com and the associated page of the social network Facebook www.facebook.com/Monopoli.Trade, in breach of Art. 101, paragraph 2, of the said decree (Resolution No. 19405 of 08 October 2015);
• under the terms of Art. 101, paragraph 4, lett. b), of Italian Legislative Decree No. 58/1998, the advertising of the said contracts, carried out by through the website www.moneylaundering.it, in breach of Art. 101, paragraph 2, of the said decree (Resolution No. 19406 of 8 October 2015);
• under the terms of Art. 101, paragraph 4, lett. b), of Italian Legislative Decree No. 58/1998, the advertising of the said contracts, carried out by through the website www.investimentiimmobiliarivincenti.it, in breach of Art. 101, paragraph 2, of the said decree (Resolution No. 19407 of 8 October 2015).

Further the announcements of CONSOB, the regulatory authority of Belgium, FSMA, announced that the below companies are not authorized investment firms or credit institutions in Belgium and may under no circumstances offer investment services in or from within Belgium.

1) Asia Pacific Ltd (cloned firm)

2) Axel Neumann (cloned firm), AXN Trading and Eventus Alternatives Commercial Broker LLC

3) Brandt-Swift Associates, Kingsburg Inc Ltd, Mutual Hope Ltd, Grandwic Ltd and Mestoz Ltd

4) Greenberg International Law & Tax Advisory

Moreover, according to information in the possession of the FSMA, these companies may be “boiler rooms” (in the case of the first three) / a “recovery room” (in the case of Greenberg International Law & Tax Advisory).

Boiler room fraud is a type of fraud that involves contacting customers unsolicited, often by telephone, offering to sell them little-known shares or exotic financial products. Although the boiler rooms often claim to be an authorized service provider with a professional website and forms to fill out, they are in reality swindlers who offer fictitious or worthless shares or products.

Source; CONSOB Warning 1, CONSOB Warning 2,  FSMA

 

 

 

 

---