Spanish regulator issues new warning on foreign scammers

The Spanish regulator National Securities Market Commission (CNMV) has issued a new warning on boiler rooms operating abroad.

The CNMV has reported that three foreign investment firms that were operating in France and the UK are unlisted entities, an information the UK Financial Conduct Authority (FCA) and the French regulator Autorité des Marchés Financiers sent to the CNMV.

Patrimoine Gestion Management – which was operating in France through the site –, PGM Patrimoine – through – and Billson Capital Partners, available to UK investors through –,  are those unlisted companies listed in the CNMV warning.

Both the CNMV and other foreign regulators disseminate monthly warnings on those boiler rooms providing investment services without having the authorisation to do so.

“For more details on the warnings received from foreign regulators at the European level, please visit the CNMV website to view any existing warnings on unauthorized entities and other warnings,” reads the note.

The CNMV warned of 476 unauthorised entities globally in 2017, 441 in 2016, and 217 in 2015.

Eugenia Jimenez
Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as assisting with coverage of Italy. She holds a UK NCTJ- accredited Multimedia News Reporting course and studied Journalism at the University of Sevilla. She has worked for local media organisations in Sevilla and Málaga, mainly in broadcasting as a news reporter, among other roles. She has also worked for a local newspaper in Sevilla, reporting on current affairs, local government and culture.

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