Belgium’s FSMA updates list of unauthorized investment businesses, issues 10 more warnings

The Financial Services and Markets Authority (FSMA) of Belgium has updated its list of unauthorized investment businesses by issuing 10 more warnings to the public against the activities of various “boiler rooms” and “recovery rooms”.

Although the boiler rooms often claim to be an authorized service provider with a professional website and forms to fill out, they are in reality fraudsters offering fictitious or worthless shares or products. Fraudsters running such operations most often put the consumer under heavy pressure.

The list of new “boiler rooms” and “recovery rooms” that the FSMA became aware of includes:

• Amj Imp & Exp International Co. Ltd
• Asicon Trading Limited
• Champion Luck Enterprises Limited
• CTPP Investment Limited
• Daikyo Brokerage Limited
• JEC Investment Limited
• Jordan Group Financial
• Nomura Bank (cloned firm)
• United Equity Clearing Limited

The regulator notes that the above companies are not authorized investment firms or credit institutions in Belgium and are not permitted under any circumstances to offer investment services in or from within Belgium. Also, according to information in the possession of the FSMA, these “boiler rooms” appear to be targeting company managers and directors in particular.

The FSMA strongly advises against responding to any offers made by the companies listed above and against transferring money to any account numbers they might mention.

To view the lineup of the latest additions to FSMA’s “Black List”, click here.

Read Also: