Belgium’s FSMA adds more boiler rooms, recovery rooms to Warning List

Belgium’s Financial Services and Markets Authority (FSMA) today warned the public against the activities of various “boiler rooms” and “recovery rooms” that are contacting Belgian consumers.

The number of new additions to the Warning List exceeds a dozen, with the list including companies that exert pressure on customers to buy little-known shares or exotic financial products or offer assistance in recovering the losses incurred in the financial market due to the activities of a fraudulent company.

The list of “boiler rooms” and “recovery rooms” most recently identified by the FSMA includes:

  • Alfa One Corporation, The Southwood Group and Micron Associates;
  • Apex Equities, South-East Asia Traders and South-East Asia Registrar;
  • Asia Pacific Brokerage Services Limited;
  • Bow Financial;
  • Earnest & Medwell International;
  • Fuji Credit Asset Management (Fuji Credit J-LLC);
  • Gemini Acquisitions and Escrow Service Group;
  • Gerard & Alterman (G&A) (cloned firm);
  • Hoover Bright Independent Finance Advisor and CC Manuel Trading;
  • Mitsui Credit Global (Mitsui Credits), Resona Corporate Partners, Franklin Transfer Services, Ming Fu (HK) Industrial Limited, EKL International CO., Limited, Hadid Ravan CO., Limited and Bauway Technology Limited;
  • Nippon Holdings (Nippon Capital Asset Management), Osaka Financial, Franklin Transfer Services, Able Century Limited and Glory Jet Limited.

The above-mentioned companies are not authorized investment firms or credit institutions in Belgium and may under no circumstances offer investment services in or from within Belgium.

FSMA stresses that the fact that a given company is not included in its Warning List does not automatically mean that it holds a valid authorization.

For the full announcement from Belgium’s regulator, click here.

Read Also: