FinoCapital, Terratech and more Scams Exposed by CONSOB (2024)

CONSOB
FinoCapital, Terratech and several more scams have been exposed by Italian financail regulator CONSOB. Find out more here.
Finocapital and terratech

This Monday, the Italian regulator Consob once more suspended five websites belonging to financial service firms that operate unlawfully. With this, there are now 410 websites that have been blacklisted since the introduction of this rule in July 2019. It should be mentioned that each member nation of the EU is essentially required by law to take action against websites that are fraudulent or unlawful. Unfortunately, at the moment, Consob is the sole EU regulator using black-out orders.

The websites that Consob has ordered to be blocked are listed below:

  • Waldershins Group Ltd. with 24FinTime (website https://24fintime.io); 
  • Lollygay Partners Ltd. with FinoCapital (website https://finocapital.io); 
  • Kbs Capital Markets Ltd. with SwissPremiumFX (website www.swisspremiumfx.com and its page
  • https://my.swisspremiumfx.com); Terratech Ltd. with BimFX24 and EURtrade24 (websites www.bimfx24.co and www.eurtrade24.com);

Utilising the additional authority granted by the “Decreto Crescita” (also known as the “Growth Decree”; Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), the commission is able to direct internet service providers to prevent access from Italy to websites that provide financial services without the required authorization. Thus, since July 2019, when Consob acquired the authority to mandate that the websites of dishonest financial intermediaries be blocked, the total number of blacked-out websites has increased to 410.

About the Organization which Exposed FinoCapital and Terratech

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The Italian government agency in charge of overseeing the country’s stock market is called the Commissione Nazionale per le Società e la Borsa, or Italian Companies and Exchange Commission. This covers the regulation of the Borsa Italiana, the Italian stock market.

The Italian Ministry of Treasury’s previous responsibilities and domains were merged by statute in 1974 to become the Italian Companies and Exchange Commission (CONSOB). Mainly, this ability was used to keep an eye on the securities markets.

The authority and scope of CONSOB’s duties have grown substantially over time. A new statute from 1983 expanded its authority to include safeguarding public savings, and two years later CONSOB was granted autonomy and juridical identity. It was given authority to oversee insider trading and audit securities brokerage firms in 1991.

CONSOB performs a number of tasks:

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  • It oversees the activities of market management companies
  • the transparency and orderly conduct of trading, 
  • the transparency and fairness of the conduct of intermediaries and financial representatives, 
  • the reporting requirements of companies listed on regulated markets, and the solicitation of public investment. 
  • It also penalises any unfair conduct by the aforementioned parties. 
  • It verifies the information provided to the market by entities that solicit public investment as well as the information found in the accounting documents of companies listed on regulated markets. 
  • It authorises the operations of regulated markets.

A collegiate body, CONSOB is led by a chairman (Pablo Savona, as of November 2019; previous chairs were Mario Nava, Giuseppe Vegas, Lamberto Cardia, Luigi Spaventa, Enzo Berlanda, and Franco Piga) and four members appointed by a presidential decree on the Council of Ministers’ recommendation. The members serve seven-year terms and are not eligible for renewal. With offices in Rome and Milan, the organisational structure consists of a central management committee overseeing eleven departments (issuers, intermediaries, markets, etc.) and thirty-nine divisions (company controls, ownership structure, public tender offers, insider trading, financial representative monitoring and register, etc.).

How Did the FX Empire Select the Best Forex Brokers in Italy?

  • EU laws. We limited our selection to brokers who are subject to CONSOB regulation or other EU bodies that follow ESMA’s safety guidelines.
  • Accessible in Italy. We limited our selection to brokers who take on Italian clients.
  • The base currency is EUR. Retail accounts with EUR as the base currency are available for each of our selections.
  • Italian services are provided. We searched for brokers that offered platforms in the Italian language, customer service, and websites that were tailored to the local language.
  • reliable broker. We verified the accuracy of each broker’s legal documentation.
  • Selection of trading tools. We have chosen brokers who provide a large range of tradable products across several asset classes.
  • little trading costs. We searched for brokers who provide round-turn commissions based on traded volume and low floating spreads.
  • platforms with lots of features and ease of use. We selected brokers who provided a large selection of analytical and auxiliary tools in addition to a varied supply of trading platforms.
  • Diverse accounts. Only brokers who offer a wide variety of account types that can accommodate traders with varying tastes, backgrounds, and trading styles were taken into consideration.
FinoCapital, Terratech and more Scams Exposed by CONSOB (2024)
FinoCapital, Terratech and more Scams Exposed by CONSOB (2024)

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