Brokes News

Unable to load logo

FCA warns against Lend Mutual clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Lend Mutual. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. See the article here.

Unable to load logo

FSMA warns the public against the irregular activities of Five Winds Asset Management and QW Lianora Swiss Consulting SA.

The Financial Services and Markets Authority (FSMA) warns the public against the irregular activities of Five Winds Asset Management and QW Lianora Swiss Consulting SA. These companies offer investment services in Belgium without respecting the Belgian financial legislation. Five Winds Asset Management and QW Lianora Swiss Consulting SA are not allowed to provide investment services in Belgium. See article here

Unable to load logo

FSMA warns against SKY WAY CPA & CO.

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Sky Way CPA & Co., company that offers investment services. Sky Way CPA & Co. is not an authorized investment firm in Belgium. It is therefore not allowed toprovide investment services in or from Belgium. See the article here.  

Unable to load logo

FSMA warns against Premier Capital Group

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Premier Capital Group, a company that offers investment services. Premier Capital Group is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. See the article here.

Unable to load logo

FSMA warns against MWI Consultants

The Financial Services and Markets Authority (FSMA) warns the public against the activities of MWI Consultants, a company that offers investment services.​ MWI Consultants is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium See the article here.

Unable to load logo

FSMA warns against Dynamic Target Marketing

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Dynamic Target Marketing, a company that offers investment services.​ Dynamic Target Marketing is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. The FSMA thus strongly advises against responding to any offer of financial services made by Dynamic Target Marketing and against transferring money to any account number it might mention. See the article here.  

Unable to load logo

FSMA warns against Trade Invest 90

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Trade Invest 90, a company that offers binary options without complying with Belgian financial legislation. Trade Invest 90 is not allowed to provide banking and/or investment services in or from Belgium. Since 18 August 2016, no investment firm (authorized or not) is permitted actively to distribute, within the territory of Belgium, binary options or any other derivative instruments whose maturity is less than one hour and/or that directly or indirectly use leverage (including forex derivatives and CFDs). The FSMA thus strongly advises against responding to any offer of financial services made by Trade Invest 90 and against transferring money to any account number it might mention. See the article here.

Unable to load logo

FSMA warns against Pacific Chiba Trust

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Pacific Chiba Trust, a company that offers investment services. Pacific Chiba Trust is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. See the article here.

Unable to load logo

FSMA warns against Akanagi Group

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Akanagi Group, a company that offers investment services. Akanagi Group is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium.     See the article here.

Unable to load logo

FSMA warns against Ashton Whiteley

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Ashton Whiteley, a company that offers investment services. Ashton Whiteley is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. See the article here.

Unable to load logo

FSMA warns against Fairway Capital Investments

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Fairway Capital Investments, a company that offers investment services. Fairway Capital Investments is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium.   See the article here.

Unable to load logo

FSMA warns against Onex Busan Financial

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Onex Busan Financial, a company that offers investment services. Onex Busan Financial is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium.   See the article here.

Unable to load logo

FSMA warns against ATB Holdings

The Financial Services and Markets Authority (FSMA) warns the public against the activities of ATB Holdings, a company that offers investment services. ATB Holdings is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. See the article here.

Unable to load logo

FSMA warns against the activities of Nagaharu Global

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Nagaharu Global, a company that offers investment services.​ Nagaharu Global is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. See the article here.

Unable to load logo

FSMA warns against Novature Group

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Novature Group, a company that offers investment services. Novature Group is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. See the article here.

Unable to load logo

FSMA published a list of companies operating unlawfully in Belgium

The Financial Services and Markets Authority (FSMA) has, on several occasions, warned the public against the activities of various providers of/intermediaries in binary options and forex products, “recovery rooms” and “boiler rooms”, all operating unlawfully. As mentioned in these warnings, the providers/intermediaries/boiler rooms in question are not authorized investment firms or credit institutions in Belgium. They are therefore not allowed to provide banking and/or investment services in or from Belgium. Furthermore, they have not published, where applicable, a prospectus approved by the FSMA, as is required before any public offering of investment instruments may be made within the territory of Belgium.   See the full article with the list of companies here.

Unable to load logo

FSMA warns against the fraudulent activities of Fintera

The Financial Services and Markets Authority (FSMA) warns the public against the fraudulent activities of Fintera, a company that is offering credit illegally to consumers. Fintera is not authorized or registered in Belgium as a lender or credit intermediary. Therefore, Fintera may not offer credit in Belgium. See the article here.

Unable to load logo

Financial Services and Markets Authority (FSMA) warns against of Atlantic Capital Management

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Atlantic Capital Management, a company that offers investment services. Atlantic Capital Management is not an authorized investment firm in Belgium. It is therefore not allowed to provide investment services in or from Belgium. Moreover, according to the information available to the FSMA, the activities proposed could be of a fraudulent nature, i.e. recovery room fraud.  The FSMA thus strongly advises against responding to any offer of financial services made by Atlantic Capital Management and against transferring money to any account number it might mention. See the article here.

Unable to load logo

The SEC charged Maksim Zaslavskiy and his companies for selling unregistered securities,

The Securities and Exchange Commission charged a businessman and two companies with defrauding investors in a pair of so-called initial coin offerings (ICOs) purportedly backed by investments in real estate and diamonds. The SEC alleges that Maksim Zaslavskiy and his companies have been selling unregistered securities, and the digital tokens or coins being peddled don't really exist. According to the SEC's complaint, investors in REcoin Group Foundation and DRC World (also known as Diamond Reserve Club) have been told they can expect sizeable returns from the companies' operations when neither has any real operations. Zaslavskiy allegedly touted REcoin as "The First Ever Cryptocurrency Backed by Real Estate."  Alleged misstatements to REcoin investors included that the company had a "team of lawyers, professionals, brokers, and accountants" that would invest REcoin's ICO proceeds into real estate when in fact none had been hired or even consulted. Zaslavskiy and REcoin allegedly misrepresented they had raised between $2 million and $4 million from investors when the actual amount is approximately $300,000. According to the SEC's complaint, Zaslavskiy carried his scheme over to Diamond Reserve Club, which purportedly invests in diamonds and obtains discounts with product retailers for individuals who purchase "memberships" in the company. Despite their representations to investors, the SEC alleges that Zaslavskiy and Diamond have not purchased any diamonds nor engaged in any business operations. Yet they allegedly continue to solicit investors and raise funds as though they have. The SEC obtained an emergency court order to freeze the assets of Zaslavskiy and his companies. The SEC's Office of Investor Education and Advocacy recently issued an investor alert warning about the risks of ICOs. "Investors should be wary of companies touting ICOs as a way to generate outsized returns," said Andrew M. Calamari, Director of the SEC’s New York Regional Office. "As alleged in our complaint, Zaslavskiy lured investors with false promises of sizeable returns from novel technology."  

Unable to load logo

CFTC Charges California Residents Hasan Sarwar a/k/a Alexander Sarwar, and Rachida Elfrimi With Operating a $1.19 Million Dollar Ponzi Scheme and Registration Violations

The Commodity Futures Trading Commission (CFTC) on September 28, 2017, filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Hasan Sarwar a/k/a Alexander Sarwar (d/b/a Profit Management Int) of Rancho Cucamonga, California, and his spouse Rachida Elfrimi (d/b/a Profit Management). The CFTC Complaint charges the Defendants with defrauding commodity pool participants, making Ponzi-style payments to pool participants from other participants’ funds, comingling of pool funds, and failing to register with the CFTC as Commodity Pool Operators, as required. Specifically, according to the Complaint, from at least October 2012 through at least July 2014, the Defendants operated a Ponzi scheme by which they fraudulently solicited and received at least $1,191,000 from over 40 pool participants for the purpose of trading in commodity interests, including commodity futures contracts, in connection with the commodity pool named Profit Management. Potential pool participants were solicited to invest in the Profit Management pool by false claims of success in futures trading and promises of substantial monthly returns, according to the Complaint. Defendants allegedly solicited funds using two websites that claimed Profit Management had “over 15 years of successful online futures trading experience … doing exactly what the ‘Big Boys’ and the Billionaires do inside the trading pit to move up or down any given minute.”  The Complaint further alleges that the websites claimed that Profit Management generated 5-7% return on the funds it traded “almost Every Single day” and promised potential pool participants they would “Double [their] Money in Less Than 5 months.” However, according to the Complaint, despite the greatly inflated claims, the only account that ever received pool participants’ money (that is, Sarwar’s personal trading account) did not show a successful trading history.  Rather, the account showed consistent monthly losses which were not disclosed by the Defendants to the pool participants, including on average of about $19,000 in losses per month during the relevant time period. Commingling of Pool Funds As further alleged, the Defendants commingled pool funds with non-pool funds and used pool funds for non-pool purposes. For example, pool participants’ funds were not pooled in any trading or bank account held in the name of Profit Management as a separate legal entity. Instead, pool participants’ funds were deposited into individual bank accounts in the names of and controlled by Sarwar and Elfrimi, according to the Complaint. In its ongoing litigation, the CFTC seeks restitution to defrauded persons, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the CEA and CFTC Regulations, as charged. The CFTC Division of Enforcement staff members responsible for this case are David W. Oakland, Michael R. Berlowitz, Christopher Giglio, David Acevedo, Lenel Hickson Jr., and Manal M. Sultan.