December 4, 2023

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SEC Warns Against 4 Italian Companies


CEM REPORT, TRADE | The investing public has been warned against dealing with four blacklisted Italian e-commerce companies.

The Securities and Exchange Commission (SEC) in a statement yesterday said its attention has been drawn to a report that the Italian securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa – CONSOB, has blacklisted  the four  e-commerce companies and blocked their websites for fraudulent e-trading and unauthorized offering of financial services.

The four blacklisted Italian e-commerce companies are: The Tetris Group Limited, Broker Capitals Limited, MTinvesting and NBIMarkets.


According to SEC, the report noted that online financial services providers leverage on the complexity of their operations and limited understanding of most prospective investors to conceal details of their activities, thus, plunging most investors into taking uninformed decisions.

“The CONSOB therefore, called informed investment choices in order to safeguard their savings, including checking the registration status or otherwise of such companies.”

The commission hence noted that the blacklisted companies are not registered by the SEC Nigeria and the investment scheme promoted by these entities are also not authorized by the SEC.

“In view of the above, the general public is hereby warned that any person dealing with the named Companies in any capital market-related business is doing so at his/her own risk.”


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