Comisión Nacional del Mercado de Valores (CNMV), E-28046 Madrid
CNMV WARNS THE PUBLIC AGAINST AN UNREGISTERED FIRM
Pursuant to the second paragraph of Article 13 of Law 24/1988, July 28th, the Securities Market Act,
the Comisión Nacional del Mercado de Valores warns the public that:
www.finanzasforex.com
EVOLUTION MARKET GROUP INC ("FINANZASFOREX")
CALLE 50, GLOBAL BANK TOWER, PISO 16, OFICINA 1607, PANAMA
APARTADO POSTAL 0819-12496 EL DORADO, REPUBLIC of PANAMA
is not authorised to provide in Spain the investment services detailed in paragraph 1 and letters a), b), d), f) y g) of paragraph 2 of article 63 of the Spanish Securities Market Act, in relation to the financial instruments detailed n article 2 of the said Act, including, to such effects, transactions over foreign currencies. Additionally, the commercialization of investment services and the prospection of clients are activities that only can be carried out, on a professional basis, by authorised entities or by their relevant tied agents as regulated in article 65 bis of the above-mentioned Act. According to the information available to the CNMV:
- FINANZASFOREX is the commercial name of the company EVOLUTION MARKET GROUP INC, incorporated and with its official address in Panama with the Spaniard GERMAN CARDONA as Chairman.
- The activity of this company consists of the offering of investments in the Forex market, guaranteeing a profitability ranging from 10 to 21 per cent.
- The company offers the possibility of becoming promoters to investors. This means that by becoming a promoter, they become customer’s recruiters and are offered an accumulative percentage of the amounts deposited by the recruited clients up to the seventh step, plus a series of bonuses including luxury cars and financial grants for an amount of 60.000 euro for the acquisition of housing for this activity. This is why, investors/promoters are keen on finding new ones.
- The Comisión Nacional de Valores of Panama has already issued a warning against this company for carrying out restricted activities from Panama without having obtained the required licence.
- The company has been carried out its activity not only in Spain but also all around the world. The company’s web page is in the following languages: Spanish, English, French, Italian, German and Portuguese.
- According to information disclosed by staff linked to the company, on 15th March 2008, the number of clients recruited by the company in the countries where the company performs business activity has added up to 18,720 clients and the amount collected up to 121,154,519 $. The company presents an increase of 600 clients and 2 million $ a day.
- Regarding the cash flow, clients must transfer their deposits to the American company CROWNE GOLD, which pools all cash entries. Once a week, the amount received is sent to an account held at the alleged Swiss brokerDUKASCOPY (Suisse), S.A.
-The number of promoters all around the World is unpredictable due to the extremely high number of clients.
- Up till now the number of promoters performing activities in Spain is unknown, however, the CNMV knows that there are several promoters operating in the areas of Barcelona, Madrid and Basque Country, having recruited, only in the area of Baracaldo, more than 100 clients.
- SANTIAGO FUENTES JOVER is the most active promoter in Spain, this individual has his own web page, where he explains, among other issues, that FINANZASFOREX is in the process of regularising its status before the CNMV since it has started the formalities to obtain the status of “Casa de Bolsa” (investment firm), qualifying this fact as a good news to enhance investors’ confidence.
- According to the information available to the CNMV, SANTIAGO FUENTES JOVER has been involved, since 2002, in different business activities performed through the Internet (communication systems, bets, games, etc) that have produced important losses to clients.
- Moreover, during April 2008 Santiago Fuentes has scheduled 18 conferences in different cities in Spain where he intends to inform about the different products offered by FINANZAS FOREX and about the alleged advantages of becoming an investor/promoter.
“In accordance with the above, and further to the second paragraph of article 13 of Law 24/1988, 28th July on the Securities Market, the Comisión Nacional del Mercado de Valores warns that: To date, the company has not started any formality before the CNMV to regularise its legal status.
GERMAN CARDONA SOLER, CALLE ABEN AL ABBAR, 17-24, E-46021 VALENCIA
SANTIAGO FUENTES JOVER, CALLE MARQUES DE CALDES DE MONTBUI, 108, E-17003 GERONA
www.tradexsuisse.com ::
XING - Santi Fuentes ::
www.finanzasforex.com
are not authorised to provide in Spain the investment services detailed in paragraph 1 and letters a), b), d), f) y g) of paragraph 2 of article 63 of the Spanish Securities Market Act, in relation to the financial instruments detailed in article 2 of the said Act, including, to such effects, transactions over foreign currencies. Likewise, the commercialization of investment services and the prospection of clients are activities that only can be carried out, on a professional basis, by authorised entities or by their relevant tied agents as regulated in article 65 bis of the above-mentioned Act. For any query, please contact the Comisión Nacional del Mercado de Valores enquiry line at 902 149 200 or visit the CNMV’s web site.
. It seams a big scam!!!
