Italian Watchdog Issues Warnings Against Two Unregistered Firms

The warning list features businesses that are unlicensed in Italy and are believed to be targeting local investors.

La Commissione Nazionale per le Società e la Borsa (CONSOB), an independent statutory body set up to help police Italy’s domestic securities and futures market, has updated its blacklist with additional unlicensed financial firms, warning this time about Service Merchant Corp and Venice Investment Group Ltd.

Presently, the CONSOB warning list features the names of businesses that are unlicensed in Italy and which are also believed to have targeted local investors or made fraudulent claims to be associated with regulated entities.

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Venice Investment Group Ltd operating as, and Service Merchant Corp, which offers its services through the website, were added to the Italian regulator’s warning list and CONSOB recommended that Italian investors avoid trading with these brokers.

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. 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.

In addition, the Italian watchdog has published a warning against a list of financial entities that have been listed as trading scams by other European financial regulators. This is why CONSOB advises Italian investors to check its registers before they deposit any funds with a broker, especially if the related broker used aggressive marketing techniques.

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