FSMA Belgium published list of investement firms engaging in unauthorized activities in Belgium 

The Financial Services and Markets Authority (FSMA) warns the public against the activities of various “boiler rooms” that are contacting Belgian consumers.

Companies operating unlawfully and against which the FSMA warns the public are the following:

• AEG Financial and Pro-Nice Limited
• Bayside Financial Services and Pro-Nice Limited
• Belmont Financial Group
• Capital Precision Belgium
• Clewis Financial and Aoguan HongKong CO., Limited
• Condor Capital Management, Advanced Global Securities Corporation (AGS Corporation) (cloned firm), CCMGT Management Consultancy and CME Global Corporation
• Cunningham Mutual
• Manniworth Co Ltd, Elantra Ltd and Deniver Ltd
• Prestige Equity and Pro-Nice Limited
• Shinshiro International and Brilliant Sheen Limited
• Tenjin & Associates
• Voth Nixon Group

The above companies are not authorized investment firms or credit institutions in Belgium and may under no circumstances offer investment services in or from within Belgium.

Moreover, according to information in the possession of the FSMA, these companies may be “boiler rooms”.

What is Boiler Room fraud?

According to FSMA, 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. As a rule, the consumer is enticed to make an initial, limited investment that very soon appears to be profitable. After that, the consumer is asked to make more and more additional investments. But unlike with the first, limited investment, the new investments lose money and/or when a consumer asks for his or her money back, it turns out to be impossible unless he or she makes further payments. Fraudsters running such operations often do not hesitate to put the consumer under severe pressure (hence the term “boiler room”).

According to the latest information available, the FSMA has noted that these “boiler rooms” appear to be targeting company managers and directors in particular.

For these reasons, the FSMA strongly advises against responding to any offers of financial made by the companies listed above and against transferring money to any account numbers they might mention.

Source: FSMA – Boiler rooms: FSMA once again warns the public against various companies engaging in unauthorized activities in Belgium

---