The Securities and Exchange Commission (SEC) on Thursday warned investing public to desist from dealing with four blacklisted Italian e-commerce companies.
The four blacklisted Italian e-commerce companies are: The Tetris Group Limited, Broker Capitals Limited, MTinvesting and NBIMarkets.
SEC in a statement said it got information that the Italian securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa – CONSOB, has blacklisted the four e-commerce companies and blocked their websites for fraudulent e-trading and unauthorized offering of financial services.
SEC in the statement said: “The report noted that online financial services providers leverage on the complexity of their operations and limited understanding of most prospective investors to conceal details of their activities, thus, plunging most investors into taking uninformed decisions.
“The CONSOB, therefore, called on investors to adopt the greatest diligence to make informed investment choices in order to safeguard their savings, including checking the registration status or otherwise of such companies.”
The Commission warned the investing public that the aforementioned companies are not registered by it, adding that the investment scheme promoted by the entities are also not authorized.
“In view of the above, the general public is hereby warned that any person dealing with the named Companies in any capital market-related business is doing so at his/her own risk,” the statement added.