The Financial Services and Markets Authority (FSMA) has issued warnings to several companies engaged in unauthorized activities in Belgium.。

These companies are as follows:

• IWL Consulting
  May Capital Group
  South Pass Partners

The above-mentioned companies are not entitled to provide investment services in Belgium.。Therefore, the FSMA strongly recommends not to adopt any of the financial services offered by the above companies and not to transfer funds to any of their account numbers.。

In addition, according to the information held by the FSMA, these companies may be "boiler rooms."。

Boiler room fraud is a type of fraud that usually contacts consumers on their own initiative to sell them stocks or other financial products。Recently, the services offered by such companies have become more diverse。The products and services currently available also include: managed accounts, time deposit accounts, investment advice, crowdfunding investments, etc.。

Although Boilerhouse claims to be an authorized service provider with professional websites and filled-in forms, in reality they are scammers offering fake or worthless products or services.。

Typically, consumers are attracted to make initial, limited investments, but soon profit。Since then, consumers have been asked to make more and more additional investments。But when the consumer asks for a refund, it's impossible not to pay extra and / or start losing money on the new investment。

Fraudsters often put huge pressure on consumers (hence the term "boiler room"), insisting that they continue to pay more。In the end, consumers will never get back the money they invested。

Please note that if the FSMA does not issue a warning for a particular company, it does not mean that the company is authorized to provide financial services.。Although the FSMA seeks to ensure that warnings are issued in a timely manner, it is entirely possible that companies operating illegally in the Belgian market have not yet come to its attention。In addition, unauthorized companies often change their names。

Be wary of unsolicited phone calls / e-mails, that is, calls / e-mails from investors that have not been requested in advance, such calls usually indicate a fraudulent attempt。