Belgium Warns Against Five Suspicious Investment Firms

Belgium’s Financial Services and Markets Authority (FSMA) has issued a public warning against five companies offering fraudulent investment opportunities in the wine, energy, and real estate sectors. The regulator cautions consumers to exercise extreme vigilance, as these firms may be operating without proper authorization and pose significant risks to investors.

According to the FSMA, the offers are presented as “exclusive opportunities” that promise high returns while minimizing the risks involved. “In some cases, investors risk losing all or part of the sums invested,” the regulator warned.

The Five Companies Named

The FSMA specifically identified the following companies in its warning:

Financière FVS (financierefvs.com)
Kelenn Finance (kelennfinance.com)
JMBE Finances (jmbe-finances.com)
Core Asset Wealth Management (acg-wealth.com)
Beit Capital Advisor(s) (Clone) (acces-beit-ca.com)

Notably, Beit Capital Advisor(s) is described as a “clone” firm, indicating that fraudsters are impersonating a legitimate financial institution to gain consumer trust. Two of the flagged companies — Kelenn Finance and JMBE Finances — appear to be registered in France, raising potential questions about cross-border regulatory coordination.

Growing Threat of Investment Fraud

This warning comes just days after the FSMA warned against 25 new fraudulent trading platforms on June 30, signaling an intensification of enforcement activity. As RTBF reported, the regulator emphasized that these investments “may seem reassuring, but their real value is often difficult to verify and the announced returns may be unrealistic.”

The scale of investment fraud in Belgium is substantial. According to consumer organization Test-Achats, Belgian consumers reported €23.4 million in losses from investment fraud between July and December 2025 alone. Over the full year 2025, total losses reached €38.3 million, with 2,911 reports of irregular activities filed with the FSMA — an 11% increase from 2024.

Sectors Targeted by Fraudsters

The FSMA noted that fraudsters are exploiting public interest in alternative investments to lend legitimacy to their schemes. The three sectors being targeted are:

Wine: Presented as a rare asset whose value will continually increase
Energy: Particularly renewable energy projects and commodities
Real Estate: Fractional investments or foreign projects promising attractive revenues

Red Flags for Consumers

The regulator outlined several warning signs common to these fraudulent schemes. As reported by Belga via La Libre, the FSMA recommends that consumers verify whether a company is authorized to offer investment services, be wary of promises of high or guaranteed earnings, never make a decision under pressure, and seek independent information about the company and its directors.

Common red flags include:

Promises of high or “guaranteed” returns
Claims of “unique” or time-limited opportunities
Unsolicited contact via phone, email, or social media
High-pressure sales tactics to invest quickly
Lack of transparency about risks and costs
Difficulty withdrawing invested capital
Requests to transfer funds to foreign bank accounts

Broader Enforcement Context

The FSMA has been increasingly active in combating investment fraud. In 2025, the authority published 19 warnings concerning 240 fraudulent entities and requested the blocking of 316 websites. Emerging threats include WhatsApp group scams, which caused over €9.5 million in losses in the second half of 2025 alone.

What Consumers Should Do

The FSMA urges anyone who suspects they have been approached by a fraudulent investment company to contact the regulator directly through its consumer contact form. “Don’t forget: if an offer seems too good to be true, it is usually a scam,” the FSMA warned.

Consumers can also check the FSMA’s official register to verify whether a company is authorized to offer investment services in Belgium. With fraud tactics growing increasingly sophisticated — from clone firms to social media campaigns — vigilance remains the consumer’s best protection.