CONSOB Alert: Regulator Blocks 10 New Investment Sites and Warns of "Fake Official" Phishing Scams

Italys Financial Regulator Strikes Back Against Fraud

The National Commission for Companies and the Stock Exchange (CONSOB) has issued a fresh warning to Italian investors, combining a crackdown on unauthorized online trading platforms with an alert regarding a sophisticated wave of phishing attacks. In its latest enforcement action, the Authority ordered the blackout of 10 new websites that were illegally offering financial services, bringing the total number of blocked sites since July 2019 to 1,517.

Phishing Warning: The “Debt Recovery” Trap

CONSOB has alerted the public to a rise in deceptive practices where fraudsters impersonate Authority officials. Investors have reported receiving fake emails from non-existent CONSOB addresses. These emails attempt to deceive victims by promising to “unblock” frozen funds or offering bogus “debt recovery” services for money lost in previous trading scams. The regulator clarified that these communications are fraudulent and aimed solely at inducing investors to pay fees for services that do not exist.

The Blackout List: 10 New Unauthorized Entities

Utilizing the powers granted by the “Growth Decree” and the “Capital Law,” CONSOB has ordered internet service providers to block access to the following websites. The list includes both forex/CFD platforms and crypto-asset schemes:

Financial Intermediation (Forex/CFDs):

• FXInvest (fxinvest.co and client.fxinvest.co)
• ICCTRADES (icctrades.com and client.icctrades.com)
• FortivestTrade (fortivesttrade.org)
• Vorenixio (vorenixio.pro)
• Eurotradecfd (eurotrade24-cfds.com and client.eurotrade24-cfds.com)
• Morgan Capital Ltd (morgan-capital.io, cfd.morgancapital.io, and related advertising via huriyettdaily.news)

Illegal Crypto-Asset Services:

• Druvaxio (druvaxio-invest.com)
• Lucrumiagroup (lucrumiaofficial.co, lucrumiamode.co, and related subdomains)

Deepfakes and Celebrity Misuse

A notable case in this crackdown involves Morgan Capital Ltd. The regulator highlighted that this entity promoted its unauthorized platform through the improper use of public figures' images. specifically utilizing fake endorsements from Italian Prime Minister Giorgia Meloni and journalist Sigfrido Ranucci to lure victims—a growing trend of “deepfake” marketing in the fraud sector.

In addition to website blocking, CONSOB has formally requested Apple to remove the mobile application “DataShark GT” from its Italian distribution platform. This app was identified as a tool used by the banned entity Eurotradecfd to offer illegal financial services.

Investor Advice

CONSOB continues to urge savers to exercise maximum diligence. Investors are advised to:

1. Verify that any platform offering financial services is authorized to operate in Italy.
2. Check for the publication of a valid prospectus for financial product offerings.
3. Be wary of “cloned” websites and unauthorized communications using the regulator's name.