Resolution no. 23547 of 7 May 2025

Prohibition, pursuant to Article 7-octies, paragraph 1-bis of Legislative Decree no. 58/1998 (“Consolidated Law on Finance”), of the advertising campaign conducted via the website  https://giorgetti-invest.com referring to operations on the websites https://paragonix-trader-ai.com and https://telarax.com and the page https://webtrader.orestpa.tech carried out in breach of Article 18 of the Consolidated Law on Finance

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA
 [THE NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE]

HAVING REGARD to Law no. 216 of 7 June 1974, as subsequently amended and supplemented;

HAVING REGARD to Legislative Decree no. 58 of 24 February 1998 (“Consolidated Law on Finance”), as subsequently amended and supplemented;

HAVING ESTABLISHED that, from checks on the web, it emerged that:

1. an advertising campaign was conducted through the website https://giorgetti-invest.com, which also used improper references to Italian public figures, offering website users "a national project guaranteed by the State and the Bank of Italy" that could be accessed via "a "platform powered by artificial intelligence” and by paying"an initial contribution of EUR 250 that (...) generates a profit of EUR 2,700 per month";
2. to subscribe to the initiatives covered by the advertising communication in question, the user is asked to access the website https://paragonix-trader-ai.com via certain links called "PARAGONIX TRADER Al", available in Italian, which contain a form for entering their details; specifically, by completing the aforementioned form, the user registers on the website covered by the advertising campaign. This registration is followed by the automatic activation of an account. In fact, once the aforementioned form has been completed, the user is redirected to the https://webtrader.orestpa.tech website domain where they view their trading account, the features dedicated to depositing and withdrawing money on a trading account, as well as the link to a specific trading platform that allows them to trade derivative contracts such as Contracts for Difference (CFD) on shares, currencies, commodities and cryptocurrencies;
3. the domain https://webtrader.orestpa.tech also appeared to be related to the website https://telarax.com, available in Italian, which offers users the opportunity to trade in Contracts for Difference (CFDs) with shares, currencies, commodities and cryptocurrencies as the underlying assets;
4. in order to carry out such trading transactions, users must register with the website https://telerax.com from the webpage https://webtrader.orestpa.tech and open a trading account; specifically, five types of account are available, known as “Bronzo (Bronze)”, “Argento (Silver) ”, “Oro (Gold)”, “Platino (Platinum)” and “Islamico (Islamic)”, depending on the minimum deposit required and the benefits promised;
5. the website https://paragonix-trader-ai.com contains generic references to “Paragonix Trader AI”;
6. the website https://telarax.com contains generic references to “Telarax” and indication of the email address support@telarax-mail.com;
7. as for the advertising website https://giorgett-invest.com, no useful elements were found to identify the entity to which this can be attributed;

WHEREAS the advertising website https://giorgetti-invest.com appears linked to the platform available on a separate internet address https://paragonix-trader-ai.com, which in turn is linked to the website https://telarax.com and the page https://webtrader.orestpa.tech; in fact, the user who wishes to subscribe to the initiatives advertised through the website https://giorgetti-invest.com by selecting the link PARAGONIX TRADER AI accesses the website https://paragonix-trader-ai.com and following the completion of a form, accesses the reserved area of the website https://telarax.com hosted at https://webtrader.orestpa.tech;

WHEREAS the activity carried out through the https://paragonix-trader-ai.com website and the https://webtrader.orestpa.tech websites and the https://webtrader.orestpa.tech webpage is deemed to constitute the provision of investment services, as referred to in Article 1, paragraph 5 of the Consolidated Law on Finance, insofar as users are offered the opportunity through the aforementioned domains to open a trading account and place orders to buy and/or sell financial instruments;

HAVING REGARD to the fact that the provision of investment services and activities is reserved to licensed parties as referred to under article 18, paragraph 1, of the Consolidated Law on Finance, pursuant to which, “The professional provision of investment services and activities to the public is reserved to Italian investment firms, EU investment firms, Italian banks, EU banks, and non-EU firms”;

WHEREAS the https://paragonix-trader-ai.com and https://telarax.com websites and the related webpages https://cfd.ai-trade.consulting and https://webtrader.orestpa.tech cannot be attributed to any entity authorised to provide investment services to the Italian public;

HAVING ESTABLISHED, therefore, that the activities operating through the websites https://paragonix-trader-ai.com and https://telarax.com and the webpage https://webtrader.orestpa.tech qualify as the professional provision of investment services to the Italian public, in breach of Article 18, paragraph 1 of the Consolidated Law on Finance;

WHEREAS the websites https://paragonix-trader-ai.com and https://telarax.com and the webpage https://webtrader.orestpa.tech have been the subject of the advertising campaign conducted through the website https://giorgetti-invest.com;

WHEREAS the aforementioned advertising campaign is  aimed at Italian investors, insofar as the website https://giorgetti-invest.com is available in Italian and the website contained improper references to Italian public figures aimed at inducing Italian investors to subscribe to the proposals covered by the advertising campaign;

HAVING CONSIDERED, therefore, that the advertising campaign conducted via the website https://giorgetti-invest.com involves investment services and/or activities provided by unauthorised parties pursuant to Article 18 of the Consolidated Law on Finance; 

HAVING REGARD TO the provisions of Article 7-octies, paragraph 1-bis of the Consolidated Law on Finance - “Powers to counteract the unauthorised provision of investment services” - pursuant to which Consob “may prohibit advertising campaigns conducted through the Internet or any other means of communication when they directly or indirectly involve investment services and activities provided by unauthorised parties pursuant to Article 18 of this Decree”;

CONSIDERING it therefore necessary, in the light of the foregoing, to adopt this Resolution immediately for reasons of urgency;

RESOLVES:

To prohibit the conducting of the advertising campaign carried out via the website  https://giorgetti-invest.com referring to operations on the websites https://paragonix-trader-ai.com and https://telarax.com and the webpage https://webtrader.orestpa.tech implemented in breach of Article 18 of the Consolidated Law on Finance (TUF).

This Resolution shall be disclosed to the parties concerned with publication in the Consob Bulletin.

This measure may be appealed before the Regional Administrative Court of Lazio within 60 days.

THE CHAIRMAN
Paolo Savona