Portugal’s securities watchdog authority, Comissão do Mercado de Valores Mobillários (CMVM), has issued its latest warning against domestic unauthorized investment providers. The regulator alerted individuals against GTPcapital.com, which had been fraudulently targeting Portuguese investors.
The CMVM has helped police the Portuguese market fight a wide range of unauthorized domestic activities. While far less developed thanto other jurisdictions in Europe, Portugal has been home to several scams and illicit operations from companies that have preyed on investors in the country.
For its part, the CMVM has sought to counter this trend, which has seen hundreds of Portuguese investors defrauded in recent years via scams and other activities.
GTPcapital’s company address is allegedly based out of the United Kingdom, located at New Broad Street House 35, London, Middlesex, EC2M 1NH. UK entities have had particular success permeating the Portuguese market, given the large population of English-speaking residents and a lack of education surrounding investment activities.
Per the latest regulatory warning, GTPcapital.com is not authorized under the Portuguese Securities Code (Approved by Decree-Law No. 486/99) to provide investment and ancillary services in the country. These services include the prospecting and advising on investments and dealing in financial instruments such as stocks and shares, bonds, derivatives, and instruments such as forex.
GTPcapital’s website claims to offer contracts-for-difference (CFDs), spreads, and other forex products. As such, the CMVM has added GTP Capital to its list of unauthorized firms operating in Portugal. This list can be accessed in full by the following link.
The CMVM recommends that all investors diligently consult the CMVM website before conducting or engaging in any investment activities with companies in order to see if they are authorized to provide investment services in Portugal.