Italian investors warned

The Malta Financial Services Authority and the Registrar of Companies have issued a public warning about a bogus firm that is soliciting money from Italian investors.

They have information that several Italian investors have been having contacts and dealings with Argo Trust Ltd, a company supposedly set up in Malta.

There are indications that Italian investors have been solicited and encouraged to invest money in a share exchange scheme promoted by Argo Trust, involving shares in foreign companies.

The MFSA and the Registrar warned that no such company existed in Malta and no such company had ever been set up here.

Moreover, the share offer proposal being promoted has not been authorised in the manner required by Maltese law. The Maltese authorities are also aware that the Italian promoters of this non-existing company have provided potential investors with names and addresses of professional firms in Malta without their knowledge or approval.

"The promoters of this scheme have, in other ways, shown disregard for legal correctness and have occasioned needless inconvenience and misunderstandings," the authority said.

The matter has been referred to the police authorities in Malta and to CONSOB, the Italian securities regulator.

Investors who may have had dealings with this "company" or its promoters may wish to contact the MFSA or the Registrar of Companies on freephone 8007 4924 or by e-mail consumerinfo@mfsa.com.mt.