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Financial abuse: Consob obscures 7 websites (Press Release of November 13th, 2020)

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Consob has ordered the blackout of 7 new websites illegally offering financial services/financial products: 5 websites of abusive financial intermediation and 2 websites offering financial products without a prospectus.

The Authority availed itself of the powers resulting from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), to blackout the abusive financial intermediaries websites, as well as of the power provided for by the Law n. 8 of 28 February 2020 (Article 4, paragraph 3-bis), to blackout the websites through which the abusive offer has been put in place.

Below are the sites for which Consob has ordered the blackout:

  • “Pro Star” (website www.golden-cfd.com);
  • “European Trade 24″ and “Allegra TM” (website www.eutrade24.com);
  • Maginito Services Ltd and NBG Market (KI) Limited (website www.nbgmarket.com);
  • “Mistertrader” and “Redfin Capital” (websites https://imrtrader.com e www.redfin.capital);
  • Arbistar 2.0, S.L. (websites arbistar.com e app.arbistar.com).

Accordingly, the overall number of websites blacked out by Consob has risen to 330, starting from July 2019, when the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it, it is available the section “Watch out for scams!“, where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press release PDF version

This news item was originally published by the The Commissione Nazionale per le Società e la Borsa (CONSOB). For more information, see the Source Link.

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