Service Merchant Scam or reliable? The Italian regulator issued a warning against two unregistered brokers, cautioning investors against trading with them.
13 March, AtoZForex – La Commissione Nazionale per le società e la Borsa (CONSOB), Italian watchdog, is responsible for regulating the Italian financial markets. The financial regulator has added two unlicensed financial firms into its warning list. This time, the firms under the spotlight are the Service Merchant Corp and Venice Investment Group Ltd.
CONSOB warning list
The Italian regulatory body, CONSOB, has warned the investors’ community in Italy about two unregulated firms. According to the official announcement of the watchdog, Service Merchant Corp and Venice Investment Group Ltd are unlicensed to solicit to Italian residents.
Specifically, the Italian watchdog’s warning list is containing names of fraudulent and unregulated brokerages. Also, it is aiming to help regulate the Italian local securities and futures market. The latest addition, Service Merchant Corp, and Venice Investment Group Ltd, are the brokers targeting Italian investors.
Service Merchant Scam or reliable?
Venice Investment Group Ltd is a broker that claims it possesses a license from Croatian Bureau of Statistics. Additionally, the firm operates online via www.veniceinvestmentgroup.com. Through self-investigation into the website of the firm, I found out that the firm claims the following:
Our platform is rich and designed tools. With our platform, you can view your investment in the currency market (Forex). The platform offers daily running with results and a brief environment designed for all levels of investors.
The firm is owned by Venice Investment Group Ltd. It claims to have an office in the UK and provide services and investment activities. In spite of all of this, the firm does not provide much of contact information. In addition, the investment plan offered by the firm includes fake results and figures. Moreover, the broker is promising unbelievable returns on clients’ investments.
Moreover, the second firm that adds to the warning list of CONSOB is Service Merchant Corp. The company is offering its services online via the website www.merchantshares.com. The Italian watchdog cautioned Italian residents against dealing with this broker.
Additionally, this is not the first time Service Merchant got a warning from CONSOB. In December, 2016 the Italian regulator warned against the trading with broker.
Think we missed something? Let us know in the comments section below.