Every month, the Italian regulator, CONSOB, brings us a series of fraudulent brokers. These companies have been reported by consumers and therefore ended up on the blacklist.
Just because a scammer was not reported in Italy doesn’t mean it’s not a scammer. But let us take you through the concerns raised by CONSOB and its officers.
The company advertises as a brand of Vie Finance, a regulated brokerage under a Greek HCMC license. However, since this is entirely untrue, the site listed a license by HBMC. This is a non-existent regulatory body, and the brokerage is deceiving consumers by using it.
After a number of complaints, CONSOB has finally issued a warning to protect citizens from this unscrupulous swindler.
ECCapitals is another offshore scammer posing as a legitimate brokerage. The company is registered in Saint Vincent and the Grenadines, the only place entirely without legal supervision. The firm requires a minimum deposit of 250 EUR and offers unregulated trading terms. One of them is leverage going up to 1:100 against the ESMA directive.
Since the brokerage is not authorized to provide financial services, it’s a good reason to end up on the CONSOB warnings list.
SevenCapital24 goes as far as to claim to have headquarters in Milan, Italy. It’s well-known that brokers who wish to operate from any EU country must be fully licensed. In Italy, CONSOB is the one in charge. Since the brokerage earned a place on the warnings list, it’s clear that they didn’t get any authorization.
It’s a typical fraudulent firm asking for a minimum deposit of $250 and offering CFDs on currency pairs, commodities, indices, shares, and crypto.
Now, the CONSOB warnings list was updated with the domain stellarfx.co, a new brand registered in the GoDaddy WHOIS database, in October 2022. The company is a descendant of numerous other scam brands, running a similar kind of fraud.
Win Traders was a scheme that ended quickly. Namely, the domain was registered in August 2022 but is already inactive. However, we see it was last modified in December 2022, meaning there might be a big comeback. Surely, CONSOB had its reasons to add it to the warning list.
Additionally, the brokerage is rated as poor on Trustpilot, with 63% of the reviews being 1-star. It’s not good for a broker’s reputation and not for clients who lost money.
The post CONSOB Warnings Jan 2023 – Brokers To Avoid According to CONSOB appeared first on Global Fraud Protection.
