Financial Insights That Matter
Italy’s Companies and Exchange Commission (CONSOB) has ordered the black-out of five new websites that offer financial services illegally.
The websites targeted by the latest set of orders are:
- “IsecTrade” (website https://isectrade.net and related page https://panel.isectrade.net);
- “Morgantrust”/Morgantrust Markets Limited (websites https://web.morgantrust.ai and www.morgantrust.ai);
- “Onlinecfdsim” website www.onlinecfdsim.com and related page https://platform.onlinecfdsim.com);
- “CMC Finance Group” (website https://cmcfinanceltd.com and related page https://client.cmcfinanceltd.com).
In issuing the orders, the Authority made use of the powers deriving from the “Decreto crescita” (“Growth Decree”; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries get blocked, has thus risen to 1205.
Kindly note that some of these websites belong to clones. These are fraudulent entities that copy the details (address, license, name, logo, etc) of licensed firms in order to lure victims more easily. In reality, clones have nothing to do with the authorized firms.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the blocking to be implemented.
Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, and adopting common sense behaviors, essential to safeguard their savings. These include, for websites that offer financial services, checking in advance that the operator with whom you are investing is authorized. For offers of financial products, make sure that a prospectus has been published.
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