Just like every month, we’re bringing you the latest set of CONSOB warnings regarding fraudulent brokers. The Italian regulator has had a productive month, flagging 19 new scam financial intermediaries.
Let’s take a look at each of these and see why they found their place on the list of warnings. Surely, CONSOB had a good reason for it.
On the 6th of February, 2023, CONSOB issued its first batch of warnings. And the first name on this list is Bright Group LLC.
The company owns AllfinaGroup, a fraudulent site without authorization. Searching through it, we didn’t find headquarters or any relevant regulation or fund safety information. All in all, investing money with this brokerage house is equal to gambling it all betting on red.
The next name on the list of CONSOB warnings is BrokerCreditServiceLtd.net. While currently inactive, this trading company onboarded European residents without regulatory approval. Therefore, it was banned. Currently, customers of this financial swindler need legal aid to recover their funds.
Such a firm exists, but it’s unrelated to the UnicoFX broker. Additionally, the firm says governing law is the law of Estonia, which wouldn’t be possible if running under an ASIC license.
Cm Strategy is another unregulated firm allegedly operated by CMS Ltd. However, we know nothing about the brokerage or its respective owner.
What’s more, the domain has been shut down, meaning customers cannot get their money back. Therefore, they complained, and the regulator delivered in the form of a CONSOB warning list.
Finally, we have OlympusBrokers, whose entire website is in Italian. Therefore, it’s clear the brand targets residents of the country.
The company claims to have offices in Canada but doesn’t belong under regulatory supervision. All this was a reason for CONSOB to add it to the list of fraudulent trading companies.
During the following week, on February 13th, CONSOB issued a new list with SwissFX Bank Limited on it. The domain is currently inaccessible without a valid explanation.
The broker name indicates it’s based in Switzerland, but such a firm has never entered FINMA commercial register. Upon receiving numerous complaints, CONSOB added it to a warnings list.
JKC or Jkcforex is an incarnation of an old fraud. Back in 2020, the same company was running as Vast Scenery Court. Since that domain vanished, it reappeared in 2022 as JKC. However, this was a short-breathed fraud as the domain is already inaccessible.
This is our reminder that scammers constantly find ways to reappear and scam new customers. Be wary and always confirm your company’s regulations.
Axicapitals claims to be duly regulated in the EU under HBMC regulation. Since we have already met scammers using the same license, we can tell it’s fake. Its resemblance to a Greek HCMC confuses inexperienced investors.
Further, this broker is a part of the same fraud as MondialFX, a firm that already received a CONSOB ban earlier in 2022.
Since the scam reappeared, CONSOB decided to warn us about it by adding the new site, cryptoneyx.net, to their list of warnings. This is another proof that swindlers never give up on their victims.
Like in the old days, the owner is registered in the Cayman Islands, Vanuatu, Australia, and South Africa. None of these licenses gives it the authority to onboard EU citizens. This is the main reason vantagemarkets.com ended up on the CONSOB warnings list.
N26 is a German-based bank often abused by fake brokers. Since it’s an online financial services provider, scammers count that you won’t be able to find out whether some scheme firm is their branch or not.
N 26 Pty Ltd claims to have an ASIC license. Yet, we were unable to find such a firm in the Australian register. What’s more, binanfx.com is nowhere to be found. Hence, we’re talking about another scam broker here.
According to CONSOB warnings, this website has been used to offer financial products in the absence of a prospectus. There is no license or anything to protect investors from being defrauded.
Since the site is no longer active, you’re safe for now. But, as you saw throughout this article, fraudsters always come back for more money. Stay safe.
Finally, we’ve received alerts on the 20th of February with six abusive websites.
EnerixInvest is one of them, another scammer on the market. Besides the relationship between the brand and Bamboozle Group Ltd, we have no other information. The T&C indicates that Polish courts are in charge of disputes. However, KNF has no details about the intermediary.
Since pretending to be an EU firm, EnerixInvest ended up on the CONSOB warnings list.
The Active Traders changed its domain, going from theactivetraders.com to theactivetrade.com. The previous domain was also banned in Italy. Hence, CONSOB wanted to tell us not to fall for the same scam in new clothing.
The brand is based in Dominica and doesn’t fall under any supervision. Victims cannot request to be reimbursed if scammed by this swindler.
Admiralfx or AdmiralMarket is a sad attempt at a clone firm. Namely, we have Admiral Markets under FCA and CySEC license, whose name is the imposter abusing. AdmiralFX is not regulated and should be avoided by all means. And that’s what CONSOB wanted us to know.
Another the broker we know very well is Vexxsel. It’s an unregulated scheme allegedly based in the US and Singapore. However, their name is not with NFA, CFTC, or MAS.
In fact, the same brokerage was already banned in Belgium and the Netherlands, but they still onboard EU citizens. Hence, CONSOB is trying to urge investors not to respond to their offer.
EuropeanFX is another broker resembling the regulated firm. While we have EuropeFX under CySEC license, we also have EuropeanFX, unregulated brokerage firm onboarding EU residents.
The domain of the said firm is inactive, meaning you can no longer request a withdrawal. Therefore, you might need some help getting your money back.
Another inactive website that’s been banned all around is Gold Crown Mining Limited. The company didn’t disclose its headquarters, email, phone, or any way to reach them in case of issues.
Since this is the case, and many have been scammed, CONSOB issued an official warning.
If you’ve been defrauded by brokers on this list, you can try resolving the matter yourself. Additionally, you can ask Global Fraud Protection for assistance. Our team of experts will do our best to help with a chargeback or crypto tracing and see if there’s a legal chance of getting your cash back.
Book a free consultation today!
The post CONSOB Warnings February 2023 – Italian Authority Alert appeared first on Global Fraud Protection.
