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Financial Market Authority FMA publishes two warnings against unscrupulous financial service providers

Release Date: |

In an announcement published in today’s issue of the official gazette “Amtsblatt zur Wiener Zeitung”, the Austrian Financial Market Authority (FMA) warns investors against financial service transactions with the following two providers:

Sirius Financial,
with its alleged head office at
FL. 8 Suite 166
Santa Engracia 39
28010 Madrid
Web address:

Novantae Capital Holdings,
with its alleged head office at
Avda. Ramon y Cajal
1 Suite #252
28016 Madrid
Web address:

Sirius Financial and Novantae Capital Holdings offer financial services in Austria which require a licence pursuant to section 1 para 1 no. 19 of the Bankwesengesetz (BWG; Austrian Banking Act) (advising clients on investing funds, managing client portfolios in accordance with mandates given by investors, brokering business opportunities for the acquisition or sale of certain financial instruments) without having the required licence.

Both providers base their activities on an impressive Internet presence and professional business documents, and they unsolicitedly and persistently contact their victims by phone and e-mail. Following investor warnings issued by supervisory authorities in other countries, these two dubious providers are now operating in the Austrian market.

FMA Executive Director Heinrich Traumüller therefore again urges investors, “Don’t let yourself get carried away by a commanding Internet presence, glossy brochures or professional business documents. Double-check with each provider whether they have the necessary licence to render the financial services they offer in Austria. If someone makes unsolicited contact with you and offers financial services, hang up immediately. In Austria, so-called ‘cold calls’ are forbidden by law.”

For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0676)/882 49 516

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