Italian Consob blocks 5 illegal financial sites

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The Consob, the Italian financial regulatory authority, recently announced the blackout of 5 new illegal financial sites. Details provided by the regulator indicate that the companies behind these websites offered unauthorized services to Italian citizens.

Consob ordered to block the websites of GrouPolo LTD, Globalinvestous, Ingenue Consulting LLC, Bodacious Consulting LLC and Tradebaionics. Since July 2019, Consob has blocked a total of 693 websites.

Italy’s financial regulator has significantly increased its efforts in recent months to protect investors from fraudulent activity in the region. Amid growing scams in Italy and other European countries, Consob has asked investors to do their due diligence before making an investment decision.

“The Authority has availed itself of the powers arising from the “Growth Decree” (Law No. 58 of June 28, 2019, Article No. 36, paragraph 2-terdecies), on the basis of which Consob may order suppliers to Internet connectivity services to prevent access from Italy to websites through which financial services are offered without authorisation. The blackout of these websites by Internet Service Providers operating in Italian territory is ongoing. For technical reasons, it may take several days for the blackout to take effect,” the regulator noted.

Investor Protection

Consob mentioned that the “Watch for Scams” section of its website helps investors identify fraudulent projects. The authority also urged citizens to check the credibility of the website and the company supporting it in advance before making an investment decision.

“Consob draws the attention of investors to the importance of adopting the greatest diligence in order to make informed investment choices, to adopt common-sense behaviour, which is essential to safeguarding their savings: this is in particular, for sites offering financial services, to check beforehand that the operator they are investing in is authorized and, for offers of financial products, that a prospectus has been published”, explained the regulator.

The Consob, the Italian financial regulatory authority, recently announced the blackout of 5 new illegal financial sites. Details provided by the regulator indicate that the companies behind these websites offered unauthorized services to Italian citizens.

Consob ordered to block the websites of GrouPolo LTD, Globalinvestous, Ingenue Consulting LLC, Bodacious Consulting LLC and Tradebaionics. Since July 2019, Consob has blocked a total of 693 websites.

Italy’s financial regulator has significantly increased its efforts in recent months to protect investors from fraudulent activity in the region. Amid growing scams in Italy and other European countries, Consob has asked investors to do their due diligence before making an investment decision.

“The Authority has availed itself of the powers arising from the “Growth Decree” (Law No. 58 of June 28, 2019, Article No. 36, paragraph 2-terdecies), on the basis of which Consob may order suppliers to Internet connectivity services to prevent access from Italy to websites through which financial services are offered without authorisation. The blackout of these websites by Internet Service Providers operating in Italian territory is ongoing. For technical reasons, it may take several days for the blackout to take effect,” the regulator noted.

Investor Protection

Consob mentioned that the “Watch for Scams” section of its website helps investors identify fraudulent projects. The authority also urged citizens to check the credibility of the website and the company supporting it in advance before making an investment decision.

“Consob draws the attention of investors to the importance of adopting the greatest diligence in order to make informed investment choices, to adopt common-sense behaviour, which is essential to safeguarding their savings: this is in particular, for sites offering financial services, to check beforehand that the operator they are investing in is authorized and, for offers of financial products, that a prospectus has been published”, explained the regulator.

Reference-www.financemagnates.com

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