The Belgian Financial Services and Markets Authority (FSMA) warns the public against several companies engaging in unauthorized activities on the Belgian market.

The companies are the following:

• 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)

The above-mentioned entities are not authorized to provide investment services in Belgium.

The FSMA therefore strongly advises against responding to any offer of financial services made by the companies listed above and against transferring money to any account number they might mention.

Moreover, according to information in the possession of the FSMA, these companies may be “boiler rooms”.

Boiler room fraud is a type of fraud that generally involves contacting consumers unsolicited, often by telephone, offering to sell them shares or other financial products. In recent times, the services being offered have grown ever more diverse. Products and services currently being offered also include: management accounts, term deposit accounts, investment advice, investments in crowdfunding, etc.

Although boiler rooms claim to be authorized service providers, with a professional website and forms to fill out, they are in reality fraudsters who offer fictitious or worthless products or services.

As a rule, the consumer is enticed to make an initial, limited investment that very soon appears to be profitable. After that, the consumer is asked to make more and more additional investments. But when a consumer asks for his or her money back, this proves to be impossible without making additional payments and/or the new investments begin to lose money.

The fraudsters often put the consumer under severe pressure (hence the term “boiler room”), insisting that they keep making further payments. In the end, the consumer will never get the invested money back.