Belgian FSMA Warns of New Unauthorized Investment Entities Involving Boiler Room Fraud

The Belgian Financial Services and Markets Authority (FSMA) has issued a public warning against seven companies that are not authorized to provide investment services in the Belgian market. The companies and their websites are:

• Bradford Venture Capital (https://www.bradfordventurecapital.com/) 
• KW Capital Group (www.kwcapitalgroup.com) 
• Lamarck Group (https://www.lamarckgroup.com/)
• Millers Capital Investments (https://www.millers-capital.com/) 
• Silverman Advisory Group (https://silvermanadvisorygroup.com/)
• Sis Capital Partners (https://www.siscp.com/)
• Union Wealth Management (www.unionwealthmanagement.com)

According to the FSMA, these companies may be operating as "boiler rooms," a type of fraud where consumers are contacted unsolicited—often by telephone—and persuaded to purchase shares or other financial products. The fraudsters apply intense pressure to insist that consumers make continuous payments, hence the term "boiler room". 

Recently, the range of products and services offered by "boiler rooms" has expanded to include management accounts, term deposit accounts, investment advice, and crowdfunding investments.

While boiler rooms present themselves as legitimate service providers with professional websites and forms, they are actually fraudsters offering fictitious or worthless products and services. Initially, consumers are enticed to make a small investment that seems to generate profits very soon, prompting further investments. However, when attempting to withdraw their money, consumers find it impossible without additional payments, or their new investments begin to lose money, ultimately resulting in no retrieval of funds.

The FSMA therefore strongly advises against responding to any financial service offers from the companies listed above and against transferring any money to the account numbers they provide.