Italy’s CONSOB Orders Blockage of Five Unauthorized Investment Websites

Italys Companies and Exchange Commission (CONSOB) has issued a fresh round of orders to block access to five unauthorized financial service websites operating without proper licenses.

The websites identified in the latest crackdown include:

• IsecTrade – https://isectrade.net and https://panel.isectrade.net
• Morgantrust/Morgantrust Markets Limited – https://web.morgantrust.ai and https://www.morgantrust.ai
• Onlinecfdsim – https://www.onlinecfdsim.com and https://platform.onlinecfdsim.com
• CMC Finance Group – https://cmcfinanceltd.com and https://client.cmcfinanceltd.com

These sites have been blacklisted for offering financial services illegally, without the necessary regulatory approval. The action was taken under the powers granted to CONSOB by the Decreto crescita (Growth Decree), specifically Article 36, paragraph 2-terdecies of Law no. 58 (28 June 2019). This legislation allows CONSOB to direct internet service providers to block access to websites operating in Italy that offer financial services without authorization.

Since CONSOB gained this power in July 2019, it has blocked a total of 1,205 websites involved in fraudulent financial activities. Some of these sites belong to clone firms—fraudulent entities that impersonate legitimate financial institutions by copying details such as names, addresses, logos, and licenses in order to deceive potential victims into trusting them. These clones, however, have no real connection to the legitimate firms they mimic.

The blocking process is currently underway, but due to technical reasons, it may take several days for the measures to be fully implemented by internet service providers within Italy.

A Warning to Investors

CONSOB is urging investors to remain vigilant when choosing where to invest, emphasizing the importance of verifying whether financial service providers are properly authorized before committing funds. It is crucial to check whether the website you're dealing with is regulated and, for investment products, ensure that an official prospectus has been published.

In a statement, CONSOB highlighted that safeguarding ones savings requires common sense and careful research. By ensuring that the operator is authorized and that financial product offerings are legitimate, investors can better protect themselves from fraudulent schemes and make more informed decisions.

This latest action by CONSOB underscores Italys ongoing commitment to protecting investors from the growing risks posed by unauthorized and misleading financial services.