FSMA: First Property (formerly https://firstproperty.eu) – cloned firm

The Financial Services and Markets Authority (FSMA) warns the public against the activities of First Property, which offers investment banking and/or services without complying with Belgian financial legislation.

First Property is not authorized to provide such services in or from Belgium.

This ‘company’ has usurped the name of the British investment company First Property Asset Management Ltd, which is registered with the UK supervisory authority (FCA (link is external)).

The FSMA emphasizes that there is no link between these two companies. Identity theft is typical of ‘cloned firms’ frauds: fraudsters steal the identity of persons or firms that do in fact exist (such as a lawyer, an authorized company, etc.) in order to gain credibility or even legitimacy, and thus to convince investors.

Moreover, the FSMA has indications that First Property’s offer of investment instruments is a scam. Indeed, The promise of a return of more than 10,92% annually made by this ‘company’ is quite simply illusory and is a sign of fraud.

First Property also uses a bank account opened in the Netherlands which it claims was opened in the name of Golden Wings BV.

The FSMA thus strongly advises against responding to any offer of financial services made by that website and against transferring money to any account number it might mention.

More than ever, prudence is necessary.

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 via the consumer contact form. As well, feel free to notify us of any suspicious company that has not yet been the subject of a warning by the FSMA.