Italy’s CONSOB warns against forex broker RichmondFG

March 27, 2019 at 08:18 AM

Italy’s financial markets and services provider regulator CONSOB (Commissione Nazionale per le Società e la Borsa) has updated its list of forex brokers who are not licensed to operate in Italy with one new addition – RichmondFG. This broker has been offering investment services and activities to the Italian public without being authorized in the country.

Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.

RichmondFG is a broker that offers its clients to trade over 800 high-liquidity assets. Stocks, Commodities, Indices, Currencies and much more. The company is owned and operated by Elit Property Vision LTD with the registered address in Sofia, Bulgaria. However, the company is not regulated by the local Financial Supervision Commission.

We have also found out that previously RichmondFG claimed to be Terraquest Media Ltd., based in Bulgaria as well, but neither of the mentioned companies is regulated. Moreover, Terraquest Media Ltd. and RichmondFG have been banned by German BaFin (Federal Financial Supervisory Authority). According to the official notice, the regulator has been receiving concerns from German traders regarding the lost money with RichmondFG. The notice also states that Richmong is not licensed nor regulated.

We recommend selecting among brokers licensed by the respective authorities in the UK, or Germany, for example. They follow multiple reporting procedures and have to keep client funds segregated from the company’s. You can read our review on this broker here.