The financial regulatory agency in Belgium, the Financial Services and Markets Authority (FSMA), announced this Friday that a previous judgment made against GTI Net (Global Trading and Invest Network), which warned residents of the country against investing with the company, has been upheld in court.
Back in November, on the 14th, the financial regulator issued a warning on the activities of GTI Net, stating that the company was operating within Belgium without the necessary authorization. Furthermore, the watchdog outlined that the entity had the characteristics of a pyramid scheme, or at the very least, a Ponzi fraud.
GTI Net disputed this warning and took the case to the French-speaking Court of First Instance in Brussels. However, the court ruled against GTI Net on December 6, 2018, by dismissing the claim.
As a result, the warning from the FSMA continues to apply in full, with the Belgian regulator not backing down from any of the previous claims it made in regards to the company.
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FSMA Warning Against GTI Net
Specifically, in 2017 the Belgian regulator said: “The FSMA therefore strongly advises against responding to any offer of financial services made by GTI Net and against transferring money to any account number it might mention.
“The FSMA also reminds the public that in the vast majority of cases, persons who invest in firms that do not hold the requisite authorization never recover the sums invested. These are cases of investment fraud.”
The specific details of GTI Net provided by the watchdog include the company’s website www.gti-net.com, and its address is HDS Business Centre, 3204 Jumeirah Lakes Towers, PO Box 309071, Dubai.
According to its website, GTI Net is a global technology company which allegedly offers consumers the chance to invest in its two products – Expert Advisers EA and Cryptocurrency Mining Rig, to earn a passive income.
“Are you happy with your purchase? Then tell others about it, and make them happy as well. GTI-Net will reward you for promoting our products to new members… You can build a career at GTI-Net. Each career step comes with an extra bonus,” the website states.