Belgian Watchdog Warns of Fake Wine and Real Estate Scams

Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA), has issued a public warning against five companies offering fraudulent alternative investments in wine, energy, and real estate. The regulator cautions that these “exclusive and highly profitable opportunities” promising guaranteed returns are likely scams in which investors risk losing all or part of their capital.

The Warning

In a statement published on July 3, the FSMA warned the public against companies that are targeting consumers with offers of alternative investments. These schemes are often presented as unique, time-limited opportunities that promise high returns while downplaying the risks involved.

“Such investments may seem reliable, but their real value is often difficult to verify and the projected returns can be unrealistic,” the FSMA said, as reported by VRT NWS. “Don’t forget that if an offer seems too good to be true, it is usually a scam!”

The Five Companies Named

The FSMA specifically named five companies in its warning:

• Beit Capital Advisor(s) (listed as a clone firm) — acces-beit-ca.com
• Core Asset Wealth Management — acg-wealth.com
• Financière FVS — financierefvs.com
• JMBE Finances — jmbe-finances.com
• Kelenn Finance — kelennfinance.com

Notably, Beit Capital Advisor(s) is identified as a “clone” — meaning fraudsters are impersonating a legitimate, authorized financial firm. This tactic, known as “clone firm” fraud, is a growing problem in which scammers steal the identity of regulated companies to appear trustworthy.

Common Warning Signs

The FSMA highlighted several red flags that consumers should watch for when evaluating investment opportunities:

• Promises of unusually high returns
• Claims of “unique” or time-limited opportunities
• Unsolicited contact via phone or email
• Strong pressure to invest quickly
• Lack of transparency about risks or costs
• Difficulty recovering invested capital
• Requests to transfer funds to foreign bank accounts

A Growing Problem in Belgium

This warning comes against a backdrop of rising investment fraud in Belgium. According to FSMA data reported by The Brussels Times, Belgians lost at least €38.3 million to online investment fraud in 2025. The regulator received 2,911 complaints — an 11% increase from 2024 — and issued warnings about 240 fraudulent entities and 316 deceptive websites.

In the second half of 2025 alone, losses reached €23.4 million. Fraudulent trading platforms linked to cryptocurrency accounted for €10.5 million of that total. A particularly concerning new trend involved “exclusive advice” scams operating through WhatsApp groups, which caused €9.5 million in losses affecting 263 victims. The average victim lost €73,000, with the scams primarily targeting Dutch-speaking men aged 50 to 69.

Evolving Scam Tactics

The shift toward alternative investments — wine, energy, and real estate — represents an evolution in scam tactics. Fraudsters are moving beyond the well-publicized cryptocurrency and trading platform scams to target sectors that may appear more tangible and trustworthy to potential investors.

The FSMA has been proactive in combating this trend. Since joining the “Belgian Anti Phishing Shield” initiative with the Centre for Cybersecurity (CCB) in May 2025, the regulator has entered 245 fraudulent domain names, redirecting 22,973 internet users to FSMA warning pages instead of fraudulent websites.

Advice for Consumers

The FSMA advises consumers to take the following precautions before making any investment:

1. Verify whether a company is authorized to offer investment services through the FSMA’s official registers
2. Be wary of promises of high earnings or guaranteed returns
3. Never make a decision under pressure
4. Seek independent information about the company and its directors
5. Report suspicious offers to the FSMA via its consumer contact form

“If you have the least doubt about whether financial services being offered to you are lawful, please don’t hesitate to contact the FSMA directly,” the regulator said.

What to Watch For

As investment scams continue to evolve in sophistication — from WhatsApp groups to clone firms and alternative asset schemes — Belgian consumers are urged to remain vigilant. The summer period, when people may be more distracted or susceptible to investment pitches, could see further attempts by fraudsters to exploit these tactics. The FSMA maintains public lists of both authorized companies and those operating unlawfully, and consumers are encouraged to check these resources before committing any funds.