Belgium’s Financial Services and Markets Authority (FSMA) has issued a warning against several entities that operate unauthorized and that may be boiler-room frauds. The entities are targeting and contacting Belgium citizens in an attempt to get them to invest their money. They appear to be targeting company managers and directors in particular.
In boiler room schemes, fraudsters contact customers, often by phone, and offer to sell them financial products that may appear genuine, but are in fact fictitious or worthless. Investors are promised high profits and lured into depositing a certain amount after which they receive a fast profit. Such companies present themselves as being authorized and eligible businesses with a professional website and forms to fill out. However, soon after fraudsters ask for additional investments which the client looses. In order to get their money back, investors are asked, often through pressure, to make further payments if they want to access their funds.
In boiler room schemes, fraudsters contact customers, often by phone, and offer to sell them financial products that may appear genuine, but are in fact fictitious or worthless. Investors are promised high profits and lured into depositing a certain amount after which they receive a fast profit. Such companies present themselves as being authorized and eligible businesses with a professional website and forms to fill out. However, soon after fraudsters ask for additional investments which the client looses. In order to get their money back, investors are asked, often through pressure, to make further payments if they want to access their funds.