Surreptitious Group Llc (https://fincloud.world) - Smart Trade Cfd (https://smarttradecfd.com, page https://platform.smarttradecfd.com) - Tradebaionics (www.tradebaionics.net) - UeTrades (https://uetrades.com,
page https://secure.uetrades.com) - Trustgarden Ltd (www.trustgarden.net, page https://webtrader.trustgarden.net) - Framont & Partners Management ltd - Future Assets Ltd (https://futureassets.biz)
Consob has ordered the black-out of 5 new websites that offer financial services illegally.
The commission availed itself of the new powers resulting from the "Decreto Crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet service providers to block access from Italy to websites offering financial services without the proper authorization.
Below are the sites Consob has ordered to be blacked out:
- Surreptitious Group Llc (website https://fincloud.world);
- Smart Trade Cfd (website https://smarttradecfd.com and its pagehttps://platform.smarttradecfd.com);
- Tradebaionics (website www.tradebaionics.net).
- UeTrades (website https://uetrades.com and its pagehttps://secure.uetrades.com);
- Trustgarden Ltd (website www.trustgarden.net and its page https://webtrader.trustgarden.net).
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 736.
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 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.
Consob has prohibited, pursuant to article 99, paragraph 1, letter c) of Legislative Decree no. 58/1998 ("Consolidated Law on Finance"), the offer to the public resident in Italy of financial investments promoted by Future Assets Ltd through the website https://futureassets.biz, in violation of articles 93-bis and following of the Consolidated Law on
Finance (resolution no. 22400 of 13 July 2022). The offer had already been suspended as a precautionary measure, for a period of 90 days, on 21 April 2022 with resolution no. 22301 (see "Consob Informa" no. 14 of 26 April 2022).
Consob has ordered (resolution no. 22397 of 13 July 2022), pursuant to article 7-quater, paragraph 1, of legislative decree no. 58 of 24 February 1998, to the Italian branch (based in Noventa Padovana - PD) of the management company under Maltese law GEFIA Ue Framont & Partners
Management ltd, to immediately cease the irregularities found, with reference to:
a) the performance of the activity, not included among those permitted by law to management companies/EU AIFMs, or the marketing of financial instruments other than UCITS units, such as bonds and certificates;
b) the use of subjects who, formally hired as whistleblowers/collaborators of Framont & Partners Management ltd, are found to have carried out the activities of a financial advisor qualified to offer services away from the office in the absence of registration in the register referred to in Article 31 of Legislative Decree no. 58 of 24 February 1998;
c) the work of a whistleblower and a financial advisor who have carried out, with the knowledge of Framont & Partners Management ltd, in the absence of the authorisation required pursuant to Article 18 of Legislative Decree no. 58 of 24 February 1998, an activity similar to the portfolio management investment service towards Italian clients.
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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:
- Surreptitious Group Llc through the website https://fincloud.world (resolution no. 22405 of 13 July 2022);
Smart Trade Cfd through the website https://smarttradecfd.com and its page https://platform.smarttradecfd.com (resolution no. 22403 of 13 July 2022);
Tradebaionics through the website www.tradebaionics.net (resolution no. 22402 of 13 July 2022);
UeTrades through the website https://uetrades.com and its page https://secure.uetrades.com (resolution no. 22401 of 13 July 2022);
Trustgarden Ltd through the website www.trustgarden.net and its page https://webtrader.trustgarden.net (resolution no. 22404 of 13 July 2022).
(Published in "Consob Informa" no. 25/2022 - 18 July 2022)