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Abusive financial services: Consob blacks out 7 abusive sites (29 May 2020)

Consob has ordered the black-out of 7 new websites: 5 abusive financial intermediation websites and 2 websites through which the offer of financial products is carried out or advertised in the absence of a prospectus.

The Authority made use of the powers deriving from the ‘Growth Decree' (‘Decreto Crescita', Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), in relation to the blacking out of the websites of the abusive financial intermediaries, as well as of the new power introduced by the Law no. 8 of 28 February 2020 (art. 4, paragraph 3-bis), regarding the blacking out of the websites through which the illegal offer of financial products is carried out or advertised.

The websites for which Consob has ordered the blackout are listed below:

- CobraCFD Ltd (website www.cobra-cfd.biz);

- White Rock Partners Ltd (website https://mycapital.io);

- Vaneda Partners LTD and Zeus Partnership OÜ (website www.dax100fx.com);

- Kleinman Enterprise Ltd (website https://thecapitalstocks.com);

- Global Top Marketing LTD and GPS Marketing Ltd (website https://profit-trade.net);

- UMO Finance Ltd (website www.umo-finance.com);

- Alberto Simoni (website www.umoperte.dazeroamarketer.com).

The total number of sites blacked out by Consob since July 2019, when the Authority got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 218.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorised, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that there is a section on the homepage of its website www.consob.it entitled "Watch for scams!", providing useful information to warn investors against financially abusive initiatives.

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