CONSOB Continues Fight Against Scams, Updates Blacklist

Nordic Pearl Ltd and Grand Services Ltd, operating through the website www.fxginvest.com, have been flagged by the regulator.

Italian financial regulator the Commissione Nazionale per le Società e la Borsa (CONSOB),  started off this week by adding a new warning on its website. Today, the watchdog has set its sights on Nordic Pearl Ltd and Grand Services Ltd, stating the firms do not have the required authorization to offer investment services to residents of Italy.

According to the warning from CONSOB today, it has (translated): “ordered, pursuant to Article 7- octies, letter b), of the Consolidated Law on Finance – Tuf to terminate the violation of Article 18 of the TUF consisting in the offer and towards the Italian public for services and investment activities carried out by Nordic Pearl Ltd and Grand Services Ltd, through the website www.fxginvest.com.”

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FXG Invest is a trading provider of foreign exchange (forex), contracts for difference (CFD) and precious metals. The platform claims to use well-known firms such as Bank of America, Citibank, Barclays and Deutsche Bank as its liquidity providers.

The www.fxginvest.com site is owned by Grand Services LTD and operated by Nordic Pearl Limited, the website states. On its website, FXG Invest also claims: “FXG Invest is not just a platform for trading, but also an educational service for traders all over the world. We can’t say, that most brokers can be proud to have it.”

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Although the trading provider claims to be authorized in Marshall Islands, where a lot of suspected scams claim to be registered at, the company provides the following address: Boulevard “Shipchenski Prohod” 43, 1113 Geo Milev, Sofia, Bulgaria.

Based on the warning from CONSOB today, it is a good idea for consumers to avoid dealing with this company.

CONSOB adds warnings from other regulators

Also today, CONSOB added a list of entities that have also been flagged by other financial regulators, such as the Financial Conduct Authority (FCA), the Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority (FINMA).

Among the warnings are Brighter Trade/Ingouten Ou, an alleged trading platform where clients can supposedly trade a number of assets ranging from currencies (forex), commodities, stocks, and indices.

This entity has attracted a lot of attention from financial regulators, having been flagged by the Australian Securities and Investments Commission (ASIC) and New Zealand’s FMA, as Finance Magnates reported.

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