The Civil Guard and the CNMV sign a collaboration agreement against financial fraud
Specific mechanisms are articulated for the fight against financial fraud related to unauthorized persons or entities
A follow-up commission will promote maximum cooperation between both parties
The general director of the Civil Guard, Félix Azón, and the president of the National Securities Market Commission (CNMV), Sebastián Albella, today signed a collaboration agreement for the prosecution of financial fraud and unauthorized persons or entities to provide investment services.
In a context in which new technologies and digital communication channels are causing significant changes in the financial services industry, both institutions consider it necessary to deepen the mechanisms that guarantee the protection of investors.
The agreement establishes a framework of collaboration that reinforces the cooperation and coordination between both institutions and favors the exchange of information between the parties.
Among these collaboration mechanisms is the establishment of agile and direct communication channels between the two institutions. Thus, the General Directorate of the Civil Guard, through the Judicial Police Headquarters, will inform the CNMV of unauthorized entities or individuals that it detects that they may be committing infractions of securities markets norms, as well as the initiation of legal proceedings related to the illegal provision of investment services.
The Technical Unit of the Judicial Police (UTPJ) of the Civil Guard will be established as the National Coordination Point, which will centralize the investigations related to the object of the agreement and the information requests to the CNMV.
On the other hand, the CNMV will communicate to the Judicial Police Headquarters information regarding evidence or evidence of financial fraud committed by persons not authorized to act in the securities markets and will provide advice to facilitate investigations.
The agreement provides for the establishment of a Monitoring Commission to promote adequate coordination and understanding between the parties. This commission will be composed of four members, two from the CNMV and two from the General Directorate of the Civil Guard. The two parties will develop joint training activities on the matters contemplated in the document.
Actions against financial beach bars
As indicated in the recently published Annual Report of the CNMV of 2018, the CNMV has made a total of 620 warnings (24% more than in 2017) on entities that are not authorized to provide investment services.
Among the main operations carried out include.
OP. MIFOREX: Investigation on the occasion of complaint filed for fraud on the platform www.stocksforex.com. Damage caused 1,200,000 euros.
OP. BINARY: Complaint filed for an alleged crime of fraud through the financial chiringuito system. 107,000 euros scammed. The fraudsters were financial brokers from the United Kingdom, simulating a financing market through the use of sophisticated software tools – through the website called www.optionsxo.com.
OP. BRONCO: Investigation due to complaint filed for fraud. Amounted amount € 142,000.
The complainant is receiving numerous telephone calls in which employees of the two companies reported, Capital Market Banc and Investint Pro, press and threaten him to make more money, under the threat of losing everything he has invested to date.
OP. QUIRINO: Financial scam on the Internet portal: "Briton Price". Receiving bank account located in the Czech Republic. Amounted amount: 10,000 euros.
OP. WATERMARK: False investments with returns of up to 50% of the investment. Company "INVERTRADE SYSTEM GROUP, LTD" located in Barcelona. Bank account receiving the money located in Switzerland. Minimum investment for each person 10,000 euros. Crowd of affected. The total amount cheated exceeds € 450,000.
OP. INVERSIONIS: Investigation carried out as a result of several scams in the purchase / sale of securities listed on the XETRA market. More than 50 million euros scammed.
