Belgium's Financial Services and Markets Authority (FSMA) has warned the general public against false promises made by wealth management firms. The regulator has cautioned against the below companies.
ab-investment-acces.net
besttradingspecialists.com
gestioneuropecapital.com
Javius.com
lj-invest.net
The firms are understood to be using databases to 'Cold Call' customers. Once an individual answers, the wealth management firm offers schemes that promise higher returns and capital protection. However, such plans are too good to be true and often misleading.
Most of these advertisements usually appear on popular Social Media platforms where users are targeted.
The Financial Services and Markets Authority (FSMA) has been active in fighting online investment scams and frauds. Belgium's financial and securities regulator flagged 38 fraudulent online trading platforms just two months earlier.
As reported by Finance Magnates last year, financial fraud in Belgium in the first half of 2021 jumped by 60 percent compared with the same time last year.
According to the FSMA, financial fraud victims lost at least 42 million euros between May 2019 and June 2021.
Belgium is one of the very few European countries that prohibit the retail sale and distribution of over-the-counter forex instruments, CFDs and crypto derivatives.
