Italy’s Consob Expands Website Blocking Powers as Unauthorised Investment Networks Persist

Italy’s Commissione Nazionale per le Società e la Borsa (Consob) has stepped up its ongoing campaign against unauthorised financial operators, ordering the blocking of 12 additional websites linked to illegal investment services, unapproved product offerings, and misleading promotional activity.

The latest intervention reflects a broader regulatory approach that goes beyond individual scams, targeting the infrastructure supporting illicit brokerage activity. Authorities are increasingly focusing on entire networks of interconnected domains, including client portals, web trading interfaces, and advertising sites used to funnel investors into unregulated platforms.

Among the actions taken this week, Consob identified multiple cases where websites were providing investment services without authorisation, as well as one instance involving the public offering of financial products without a required prospectus. The regulator also moved against platforms promoting unauthorised trading services through dedicated marketing websites.

Notably, Consob has also imposed a 90-day suspension on certain investment plans marketed by entities operating under “Elite-Flows Limited” and “Green Wealth Limited,” highlighting concerns not only around platform access but also the structuring and promotion of financial products themselves.

Since being granted enhanced enforcement powers in 2019, the regulator has now blocked a total of 1,666 websites, illustrating the scale and persistence of cross-border online investment fraud. These powers—expanded through successive legislative measures—allow Consob to intervene against both service providers and promotional channels, including websites used solely for advertising unauthorised platforms.

The regulator also pointed to the evolving tactics of online fraud, including the growing use of cloned websites, impersonation of public figures, and AI-generated content designed to mislead investors. These techniques are increasingly used to create a false sense of legitimacy and urgency.

Consob emphasises that enforcement alone is not sufficient, urging investors to independently verify whether a firm is authorised and whether proper documentation—such as a prospectus or white paper—has been published before committing funds.