Italian financial watchdog Commissione Nazionale per la Societá e la Borsa (CONSOB) today published a warning against Nemesis Capital Limited and Nemesis Capital Bg Limited stating that the firms are not authorized to provide its investment services or activities in Italy. CONSOB added that the warning includes the company’s website www.alfatrade.com, as per an official statement from the regulator.
The Italian watchdog explained that the brand AlfaTrade operates a forex website that offers related trading services, but doesn’t hold the appropriate licenses or authorization to do so in Italy.
This is not the first time that AlfaTrade has been red-flagged for soliciting traders without the appropriate license. Earlier in this year, two Canadian provincial financial regulators issued a warning to investors about AlfaTrade after the firm was found to be offering its services in Canada without a license.
Earlier in 2015, Finance Magnates reported about AlfaTrade when the broker issued an announcement on its website explaining that its FCA license has been temporarily suspended. Sources with knowledge of the matter shared with Finance Magnates reporters that the firm is looking to relocate its business to Cyprus and become regulated by the Cyprus Securities and Exchange Commission (CySEC). However, we were unable to find any evidence of the company being regulated in Bulgaria or of it falling under the jurisdiction of Cypriot regulator.
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AlfaTrade claims to have an office in Sofia, Bulgaria, purports to be a brokerage firm that offers trading in forex, contracts for difference, commodities and indices. According to information on its website, AlfaTrade is owned and operated by Nemesis Capital Ltd. St Vincent and the Grenadines and lists its head office contact details at an unconfirmed address in Sofia, Bulgaria.
The news follows just two days after CONSOB issued an update of warnings against a number of investment firms including forex-related entities, and following prior warnings from other regulators across Europe and other parts of the globe including the Americas and Asia for 27 entities.
The list includes the following brands:
Uk Loans – Scorpion Loans – Peterson Group – Kaplan Asset Management – HC Capital Trust – Carmann, Reed, Edwards Associates Lawyers / Tunner Grant & Associates / Carmann Consultancy Services – Dodson Norwood / Kimball Group International Limited / PVSS Holdings Limited – Ephraim Global / Boltin Limited / Hamberg Limited – rank Bossuyt & Partners – Hasegawa Financial Holdings / Elantra Limited / JEC Investment Limited / United Equity Clearing Limited – Icsid (International Centre for Settlement of Investment Disputes) – Icsid (International Centre for Settlement of Investment Disputes) – Newton Invest / Jh Trading / Rt Trading / Gs Info – Oshiro Associates – Parkwell & Company Inc – Shaw, Edwards, Emmerson & Knight – Waldmann Asset Management / Cardan Limited / Cedan Limited / Grandwic Limited / Leston Limited / Manrich Limited / Mutual Hope Limited / Oxred Limited / Tricorp Limited – Wallace Associated Inc – Helius Investments Consultants Sa