Warnings - CONSOB AND ITS ACTIVITIES
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Vigo and Co Llc e 674 Llc (https://www.galicfx.com, page https://webtrader.galicfx.com) - iam-ltd Ltd and Fx Pubblications, Inc (https://iam-ltd.com, page https://xvtrcv-client.com) - "Cash Forex Group" / "Cash Fx Group" (www.cashfxgroup.com) - Assetgroup, Inc. / "Asset Group" (https://assetgroup.xyz, page https://webtrader.assetgroup.ltd) - Donnybrook Consulting Ltd (https://neotrade.pro, https://neotrade.cc, https://neotrade.io) - Bit Advisory Limited (www.bit-advisorylimited.com)
Consob has ordered the blackout of 7 new websites that abusively offer financial services/financial products: 6 abusive financial intermediation sites and 1 site through which financial products are offered without a prospectus.
The Authority availed itself of the powers deriving from the "Decreto crescita" (growth decree, Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies) regarding the blackout of the sites of abusive financial intermediaries, as well as the power introduced by Law no. 8 of 28 February 2020 (article 4, paragraph 3-bis), regarding the blackout of the sites through which the abusive offer is made.
Below are the sites Consob has ordered to be blacked out:
- Vigo and Co Llc and 674 Llc (website https://www.galicfx.com and its pagehttps://webtrader.galicfx.com);
- iam-ltd Ltd and Fx Publications, Inc (website https://iam-ltd.com and its pagehttps://xvtrcv-client.com);
- "Cash Forex Group" / "Cash Fx Group" (website www.cashfxgroup.com);
- Assetgroup, Inc. / "Asset Group" (website https://assetgroup.xyz and its pagehttps://webtrader.assetgroup.ltd);
- Donnybrook Consulting Ltd (websites https://neotrade.pro, https://neotrade.cc and its page https://neotrade.io);
- Bit Advisory Limited (website www.bit-advisorylimited.com).
The number of sites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 623.
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 one's savings: these include, for websites that offer financial services, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage “Watch for scams!”, providing useful information to warn investors against financially abusive initiatives.
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Consob has also suspended, pursuant to article 99, paragraph 1, letter b), of Legislative Decree no. 58 of 24 February 1998 ("Consolidated Law on Finance"), as a precautionary measure, for a period of ninety days, the offer to the public of the "investment plans" made by Bit Advisory Limited also through the website www.bit-advisorylimited.com (resolution no. 22192 of 2 February 2022).
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Consob has ordered the same subjects to cease the violation of Article 18 of Legislative Decree no. 58 of 24 February 1998, pursuant to article 7-octies, letter b) of the same legislative decree:
- Vigo and Co Llc and 674 Llc through the website https://www.galicfx.com and its page https://webtrader.galicfx.com (resolution no. 22197 of 2 February 2022);
- iam-ltd Ltd and Fx Publications, Inc through the website https://iam-ltd.com and its page https://xvtrcv-client.com (resolution no. 22196 of 2 February 2022);
- "Cash Forex Group" / "Cash Fx Group" through the website www.cashfxgroup.com (resolution no. 22194 of 2 February 2022);
- Assetgroup, Inc. / "Asset Group" through the website https://assetgroup.xyz and its page https://webtrader.assetgroup.ltd (resolution no. 22193 of 2 February 2022);
- Donnybrook Consulting Ltd through the websites https://neotrade.pro, https://neotrade.cc and page https://neotrade.io (resolution no. 22195 of 2 February 2022);
- Bit Advisory Limited, through the website www.bit-advisorylimited.com (resolution no. 22192 of 2 November 2022).
(Published in "Consob Informa" no. 04/2022 - / February 2022)