AFM reveals Monex BMO Securities Boiler Room scam, as the firm reportedly reaching people, offering them investment proposals without being asked.
4 November, AtoZForex – The Dutch financial watchdog Autoriteit Financiële Markten (AFM) has issued a warning against the retail broker Monex BMO Securities.
Monex BMO Securities Boiler Room scam
Monex BMO Securities is reported to operate online via the url: www.monexfinancial.com. The firm is describing itself as an independent investment and wealth management leader. It is claiming its Retail and Corporate Trading division to be located at Jinbocho Mitsui Bldg, 13th Floor, 105, Tokyo, Japan.
AFM alleges that Monex BMO Securities is a boiler room. A boiler room is a term used for fraudulent individuals and organizations, who use salespeople and tactics to pursue possible investors by calling them into buying shares that promise high returns. This is called cold calling, but the truth is that these shares don't even exist or don't worth anything.
The firm under the spotlight is reportedly reaching out to people, offering them investment proposals without being asked. AFM included in their statement that Monex BMO Securities have no AFM license or even a European Passport, yet, still solicits to the Netherlands residents.
AFM against binary options
Earlier this September, AMF has clarified its stance against Binary Options and reiterated that it falls under the category of toxic investment products. Following the footsteps of the French and Belgium regulators, the AFM announced a ban on the advertising of Binary Options.
Moreover, in the beginning of October, the Dutch Administrative Appeals Court has confirmed that the AFM has wrongly rejected the license application of Binary Options broker Optionclub.
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