Italy’s financial regulator continues its push to rid the country of unauthorized firms and possible scams who prey on Italian citizens. Today the regulator announced five more companies who have been the subject of questionable sales and solicitation practices in the country.

The regulator has blocked ISP access to the following companies:

  • Sigma Consulting Limited and Solt Corp. Ltd (www.firstcapital.fm);
  • Itistocks Brokers (https://itistocksbrokers.com);
  • GAM Group Ltd (www.marketsfx.org);
  • Elit Property Vision Ltd (https://global-banco.com);
  • Platin-fx Ltd (www.platin-fx.com)

With the new additions, the total number of websites blocked by CONSOB now totals 194. Earlier in April, Consob said it ordered the blackout of www.tradeatf.com, as the website has been used by Hoch Capital Ltd, a Cyprus-based investment company, in violation of the ban imposed on it by Consob in December 2019. The website belongs to TradeATF, a broker operated by Hoch Capital.

Italy’s approach to tackle unauthorized firms is a novel undertaking and we continue to believe that other regulators around the world, particularly in countries heavily affected by fraudulent firms and scams, should adopt similar practices so that the general public is protected from aggressive solicitation and seemingly attractive, but ultimately very risky investment opportunities.