Belgium’s FSMA Issues Boiler Room Scams Warning

Discussion in 'Wall St. News' started by mlawson71, Jun 25, 2020.

  1. mlawson71

    mlawson71

    The Belgian financial regulator - the Financial Services and Markets Authority (FSMA) – updated its list of unregulated entities and issued a warning about the new entries as the watchdog believes they are boiler room scams.

    The warning lists ABConseils-patrimoine dot com; Takahashi and Partners and Tan Allen Piguet Asset Management.

    The FSMA warned that the above-mentioned companies are not allowed to offer investment to traders neither in nor out of the country. The watchdog also urges traders not to have any dealings with said companies. The FSMA then goes on to warn against responding to so-called cold-calling and not to transfer money to companies registered outside of the country.

    I think it is generally not a good idea to give money to a broker outside the jurisdiction of local law enforcement, unless the broker is very well-regulated and very well-known.