CONSOB | FinTelegram News

Category: CONSOB

March 12, 2021

Consob orders blackout of Zurich Invests broker scam facilitated by MisterBit

The Italian Consob has this week again ordered the blackout of the websites of five illegally operating financial service providers. Among the blacked out is the scam broker Zurich Invests allegedly operated by BENELUXZURICH, KB ATM MANAGEMENT, and ZH COMPANIES BNK Ltd, registered in the UK. As payment processors, we have discovered the Estonian MisterBit processing the credit and debit card payments on behalf of the Zurich Invests scam.

March 6, 2021

Italien Consob ordered black-out of FX24 facilitated by BridgerPay

This week the Italian Consob ordered the black-out of the FX24 broker scam website operated by Swiss Management Corporation Ltd. The scam also operates with the domain www.fx24.live, which is not mentioned in the Consob order. The scam operator Swiss Management Corporation is registered with the private forex "regulator" IFMRC. A fake regulator for a fake company We have once again identified the unregulated Cyrpus-based BridgerPay as the payment gateway for credit and debit card deposits.

CONSOB

March 6, 2021

Italian Consob ordered blackout of 5 more scam broker sites

The Italian watchdog Consob has ordered the blackout of five more scam broker websites that abusively offer financial services and financial products. Additionally, one site through was ordered to be blacked out offering financial products without the required prospectus. Consob availed itself of the powers deriving from the "growth decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies) regarding the blackout of the sites of abusive financial intermediaries.

February 15, 2021

German-Ukrainian Capital Letter Scam Group and its payment facilitators

Against the German Capital Letter GmbH and its network of offshore entities and scams such as BrightFinance, SolidInvest, GFXRoyal, STSRoyal, STSCrypto, or GFXFinance, various European regulators such as the UK FCA (here), BaFin (here), or the FMA (here) have already warned and issued Cease and Desist Orders over the last months. The Italian Consob has ordered a blackout of the sites (here). However, the scammers are unimpressed. Some scams are still active. Now the UK Financial Conduct Authority (FCA) issued a new warning.

December 3, 2020

Consob black-out orders against scams increase to 340

Early this week, the Italian regulator Consob has ordered the black-out of five new websites offering financial services illegally. The regulator has the authority to order the black-out of websites that illegally offer financial services to Italian consumers. Thus Consob can order internet service providers to block access from Italy to websites offering financial services without the proper authorization.

November 24, 2020

Italian Consob orders black-out of five illegal financial services providers

The Italian watchdog Consob is currently the only financial market regulator known to us that has the legal authority to order internet providers to black-out of illegal financial sites. The legal basis for this is the "Growth Decree" law passed in June 2019. So far Consob has already blocked 335 websites for the Italian market. Almost all blocked sites offer illegal broker services.

November 9, 2020

Italian Consob ordered black-out for another five scam brokers

The Italian Financial Market Authority Consob is the only regulator in the EU that has the power to block websites of unauthorized financial service providers and scams as a means of regulatory enforcement action. The black-out of the respective website is intended to prevent Italian consumers from accessing these offers and being cheated. On November 9, 2020, Consob ordered the black-out of another five websites.

November 7, 2020

IC Markets blocked by CONSOB and thrown out by Inter Milan

In June 2020 IC Markets signed a sponsorship deal with Inter Milan. Under the agreement, approximately €14 million was payable to Seria A club over a 3-year period. This was reported by the FX News Group. In October 2020 Inter Milan terminated the agreement. IC Markets is said to have failed to make the promised payments on time and, moreover, the blocking of IC Markets for the Italian market by CONSOB allegedly also played a role in the termination.

October 28, 2020

Italian CONSOB blocks another six scam broker sites

The Italian watchdog CONSOB is currently the only regulator in the EU with the approach to blocking the websites of scams and unauthorized financial service providers. This is intended to protect Italian consumers and retail investors by making illegal financial products inaccessible. A few days ago, CONSOB blocked another six sites, and thus since July 2019 already 312.

September 26, 2020

Austrian FMA and other regulators warn against StarkMarkets broker scam

The Austrian Financial Market Authority FMA has issued an investor warning against the scam broker StarkMarkets (www.starkmarkets.com) which is allegedly operated by Krisimark Ltd and SWISSGEM Ltd in Sofia, Bulgaria. Already in June 2020, the Canadian British Colombia Securities Commission (BSC) issued an investor warning, and in July the New Zealand FMA (here). In May 2020, the Italian CONSOB blocked the website of broker scam MarketsCFD (www.marketscfd.net) of SWISSGEMS Ltd and Media Solutions Ltd.

September 26, 2020

BaFin issues cease and desist order against TheCapitalStocks and RoyaltyFinance

The German regulator BaFin has warned against the broker scams TheCapitalStocks (www.thecapitalstocks.com) and RoyaltyFinance (www.royaltyfinance.io) which are allegedly operated by Kleinman Enterprise Ltd in St. Vincent & the Grenadines. Already in August 2020, the Italian CONSOB warned against these scams. Both are white label solutions of the Bulgarian Global CRM Solution Platform.

September 22, 2020

Spanish Watchdog CNMV warns against GlobalspotFX and Trade Com

The Spanish regulator CNMV has issued an investor warning against the scam broker GlobalspotFX (www.globalspotfx.com). The scam is allegedly operated by Trade Com Limited for an office in London. As a payment provider we have found the Russian PayeCards (www.payecards.com). Already in July 2020, the Italian regulator CONSOB had issued a warning against the scam.