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On 14 November 2018, Italy’s securities regulator CONSOB took action against Richmond Investing. Through Resolution No. 20696, CONSOB ordered the business to stop offering and providing investment services to the Italian public through www.richmondinvesting.com.
The regulator treated the conduct as a breach of Article 18 of Italy’s Consolidated Law on Finance (TUF) and acted under Article 7-octies(1)(b) of Legislative Decree No. 58/1998. This was an authorization action: the documented issue was that Richmond Investing was providing investment services in Italy without the required authorization.
What CONSOB ordered
CONSOB’s measure required Richmond Investing to cease its unlawful investment-services activity aimed at the Italian public. The website identified in reporting on the resolution was www.richmondinvesting.com.
That wording matters. The available account of Resolution No. 20696 does not establish that every customer lost money, nor does it amount to a quantified finding of fraud. It establishes that the business was offering investment services in Italy without the authorization required under the TUF.
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Contemporary reporting described Richmond Investing as not being registered as a financial intermediary in Italy. Investors should therefore distinguish between:
- What the measure establishes: Richmond Investing was ordered to stop offering and providing investment services to the Italian public without authorization.
- What it does not establish by itself: the total amount of customer losses, whether every customer was defrauded, or the current operating status of the business.
It was not a 90-day suspension
Several CONSOB measures were reported together in November 2018, which has led to confusion about the Richmond Investing action. Richmond Investing was not the subject of the 90-day suspensions mentioned in that group of measures.
| Entity or activity | Measure reported at the time |
|---|---|
| Richmond Investing | Order to cease offering and providing unauthorized investment services to the Italian public |
| Crypton Ltd | 90-day suspension of the public offering of the digital currency “Crypton” |
| Alessandro Brizzi | 90-day suspension relating to Facebook advertising for the Crypton offering |
| Eagle Bit Trade | 90-day suspension of the public offering of “trading packages” |
A later professional presentation described Resolution No. 20696 using the phrase “sospensione cautelare ICO Richmond Investing,” or precautionary suspension of a Richmond Investing ICO. However, the contemporary description of the operative measure identifies the order as a cessation of unauthorized investment services under Articles 18 and 7-octies of the TUF. The legally safer description is therefore that CONSOB ordered Richmond Investing to stop its unauthorized activity in Italy—not that it imposed a 90-day suspension.
The separate UK warning about “Richmond Investing (Clone)”
The UK Financial Conduct Authority (FCA) issued a separate warning on 6 September 2018. It identified “Richmond Investing (Clone)” as an unauthorized clone firm targeting people in the UK.
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According to the FCA, the clone used details associated with the genuine FCA-authorized company Richmond Investments Limited, which had firm reference number 733881. The FCA explicitly said that Richmond Investments Limited had no association with the clone.
The FCA warning listed these reported contact details for the clone:
| Type | Details |
|---|---|
| Website | www.richmondinvesting.com |
| Telephone | 02 03 966 1641 |
[email protected]; [email protected] |
|
| Addresses | 272 Bath Street, Glasgow, G2 4JR; 8 Clorane Gardens, London, NW3 7PR; Suite 272, 571 Finchley Road, London, NW3 7BN |
The FCA cautioned that clone firms can change contact information or combine genuine and false details. A matching address, company name, registration number, or website should not be treated as proof that a firm is authorized.
Why authorization matters to an investor
Authorization is not a guarantee that an investment will make money. It does, however, determine whether a firm is permitted to provide regulated services and whether certain complaints and compensation mechanisms may be available.
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In its warning, the FCA said customers dealing with an unauthorized firm generally would not have access to the UK Financial Ombudsman Service or protection from the Financial Services Compensation Scheme (FSCS). Protection available when dealing with an authorized firm depends on the particular investment and service involved; it is not automatically available for every product.
For an Italian investor, the relevant question is not simply whether a website looks professional or uses a real company’s details. The investor should check whether the exact legal entity offering the service is authorized for the specific activity and market in question.
How to check a broker before sending money
- Identify the legal entity. Record the company name, registration details, address, domain, phone number, and the name of the entity receiving funds. A brand name alone is not enough.
- Use the regulator’s register. Search CONSOB’s official registers and warnings for Italy, or the relevant regulator’s register for the country where the service is being offered. Match the exact legal entity, not just a similar name.
- Check the authorization scope. A company may be authorized for one activity but not for brokerage, portfolio management, investment advice, or accepting client money.
- Compare contact details. Use the phone number and website shown in the regulator’s register—not contact details supplied by a salesperson. Beware of small spelling changes in domains and email addresses.
- Stop when pressure starts. Requests for urgent deposits, additional “taxes” before withdrawals, remote access to a computer, or transfers to personal accounts are serious warning signs.
- Keep evidence. Save account statements, emails, chat messages, payment confirmations, wallet addresses, and screenshots. These records can help a bank, payment provider, regulator, or law-enforcement agency assess the case.
If you already paid Richmond Investing
Do not send more money to “unlock” a withdrawal or pay a recovery agent promising to retrieve funds. Contact the bank, card issuer, or payment service immediately and ask what recall, chargeback, or fraud-reporting options are available. The sooner a payment provider receives a report, the more useful its intervention may be.
Also change passwords that may have been shared with the firm, enable multi-factor authentication, and review bank and card accounts for unfamiliar transactions. If the firm obtained identity documents, monitor for signs of identity misuse and report the matter to the appropriate authorities.
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Keep communications factual when reporting the issue: state the dates, amounts, payment method, account details, website used, and what the firm promised. Avoid paying anyone who claims that a regulator or lawyer can guarantee recovery for an upfront fee.
Is Richmond Investing currently blocked or under a new warning?
The CONSOB action discussed here is a historical measure dated 14 November 2018. It should not be described as a newly issued warning. Current CONSOB investor-warning pages contain newer notices, but they do not by themselves establish that Richmond Investing is currently operating, currently blocked, or subject to a new CONSOB proceeding.
The most precise summary is: CONSOB’s Resolution No. 20696 ordered Richmond Investing to cease offering and providing unauthorized investment services to the Italian public through www.richmondinvesting.com, citing Article 18 of the TUF. Separately, the FCA warned in September 2018 that “Richmond Investing (Clone)” was unauthorized and had no connection with the genuine FCA-authorized firm Richmond Investments Limited.
FAQ
What did CONSOB do to Richmond Investing?
On 14 November 2018, under Resolution No. 20696, CONSOB ordered Richmond Investing to cease offering and providing investment services to the Italian public through www.richmondinvesting.com. The action concerned unauthorized investment activity under Article 18 of Italy’s Consolidated Law on Finance.
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Did CONSOB suspend Richmond Investing for 90 days?
No. Richmond Investing was ordered to terminate the unauthorized activity. The 90-day suspensions reported alongside it concerned Crypton Ltd, related advertising by Alessandro Brizzi, and Eagle Bit Trade’s offering of trading packages.
Was Richmond Investing authorized by the FCA?
No. The FCA warned about “Richmond Investing (Clone)” as an unauthorized firm. It said the clone had no association with the genuine FCA-authorized company Richmond Investments Limited, firm reference number 733881.
Does the CONSOB measure prove that all Richmond Investing customers were defrauded?
No. The documented measure establishes that CONSOB found unauthorized investment-services activity and ordered it to stop. It does not, by itself, quantify customer losses or prove that every customer was defrauded.
What should I do if I sent money to Richmond Investing?
Contact your bank, card issuer, or payment provider immediately to ask about recall, chargeback, or fraud-reporting options. Preserve all communications and transaction records, secure your accounts, and do not pay an upfront fee to a firm promising guaranteed recovery.
The Bottom Line
Richmond Investing was the subject of a CONSOB cessation order—not a 90-day suspension—on 14 November 2018. Investors should also distinguish it from Richmond Investments Limited, the genuine FCA-authorized firm that the FCA said had no connection with the unauthorized “Richmond Investing (Clone).” The record supports a warning about unauthorized activity, but not unsupported claims about total losses or Richmond Investing’s current status.
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