FSMA  Flags New Boiler Room Scams Targeting Belgian Investors

The Belgian Financial Services and Markets Authority (FSMA) has issued a new warning to the public after identifying two unlicensed firmsm, North Star Management Japan and Part Capital, as potentially operating fraudulent investment schemes on the Belgian market. Both entities are accused of engaging in unauthorized financial activities and may be running what regulators describe as “boiler room” operations.

According to the FSMA, neither company holds the necessary authorization to provide investment services in Belgium. The regulator has urged investors to avoid all contact with these entities and to refrain from transferring any funds, stressing that their offers are not legitimate.

The FSMA’s alert underscores the persistence and sophistication of cross-border investment scams. Boiler room frauds typically lure investors through unsolicited contact — often phone calls or online messages — and use professional-looking websites to build trust. Victims are encouraged to make an initial “test” investment that appears profitable, only to be pressured into committing larger sums. Once investors request a withdrawal, fraudsters often demand additional payments or fabricate excuses to block access to funds.

While boiler room schemes are far from new, their operations have evolved alongside digital finance. In addition to traditional share offers, such scams now extend to forex trading, digital assets, and even crowdfunding, blurring the lines between legitimate fintech innovation and outright fraud. The FSMA notes that even experienced investors are being caught off guard by the professional presentation and fake compliance documentation these operators use to mimic licensed firms.

The warning also reflects a broader concern within the European regulatory landscape. As digital investment products become more accessible, the absence of cross-border regulatory harmonization allows unlicensed actors to exploit legal loopholes and target investors across multiple jurisdictions. The FSMA’s continued enforcement efforts highlight the critical need for brokers, liquidity providers, and fintech firms to uphold rigorous transparency standards and verify their regulatory credentials.

Industry observers suggest that the rise of such scams could lead to further tightening of due diligence requirements for both retail investors and financial intermediaries. Regulators across Europe, including the FSMA, have repeatedly emphasized that protecting market integrity begins with proactive reporting and investor vigilance.

The FSMA’s latest action serves as another reminder that unauthorized firms — no matter how credible they appear online — pose significant risks not just to individuals, but to the broader trust in the regulated financial system.

If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.