An unauthorized FX and Cryptocurrency firm has been liquidated after managers failed to co-operate with investigators and filed false accounts with Companies House. The official receiver has been appointed the provisional liquidator to protect company assets and investigate affairs.
According to a government filing, Venice Investment Group Ltd operating as www.veniceinvestmentgroup.com, was previously added to the Italian regulator’s warning list.
The ownership and management of Venice Investment belong to Venice Investment Group Ltd, which claims to be a UK-based authorized company to provide services and investment activities. Despite all this, the company does not provide much in the way of contact details, and no regulatory information is displayed either.
“And the court heard that the company did not co-operate with investigators, failing to acknowledge any attempts to reach it. While the correspondence address of the director was the company’s registered office, all mail sent was forwarded to an address in Croatia. The company’s contact telephone number was an invalid Slovenian number and its email address was unavailable,” the statement explains.
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Venice arranged €65,000 in FX trades
Venice marketed itself as specializing in sourcing profitable opportunities in a wide variety of asset classes including forex and cryptocurrencies, according to its website.
According to Companies House, the firm was incorporated in May 2016. Following complaints, however, the Insolvency Service conducted a confidential investigation into the company’s activities which revealed several instances of misconduct.
As a result, investigators have suggested that the company has arranged ‘at least €65,000 in trades,’ while claiming to be “dormant,” but the total value of investments through Venice’s platforms remains unknown.
In addition, the investment plans it offers show how the offering displays fake results and manipulated figures, as well as ‘too good to be true’ returns on client investments.