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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Italy’s financial regulator, CONSOB, warned against RichmondFG on March 18, 2019. The warning said the firm was offering investment services to the Italian public without the required authorization and ordered the activity to stop.
This was not a new CONSOB action in May 2023. The May 11, 2023 date attached to several online reports was an article-update date referring back to the 2019 warning. It is also important not to merge RichmondFG with the separately named Richmondfx websites involved in later CONSOB blackout notices.
What CONSOB actually warned about
CONSOB’s March 18, 2019 notice listed RichmondFG alongside PTBanc, Get Financial and CryptoEU. The regulator’s concern was the unauthorized provision of investment services in Italy.
In practical terms, CONSOB said the firms were offering services to Italian investors without the authorization required under Italian financial-services law. The notice relied on Article 7-octies of Italy’s Consolidated Law on Finance. That provision allows CONSOB to order an unauthorized online provider to stop the infringement. The underlying authorization requirement is associated with Article 18 of Legislative Decree No. 58/1998.
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The wording matters. The notice was a regulatory action concerning authorization. It was not, by itself, a court judgment declaring RichmondFG a criminal enterprise or formally proving fraud.
CONSOB’s original notice is available through its investor warning archive.
Why some reports show a 2023 date
A widely circulated article titled “Italy’s CONSOB warns against forex broker RichmondFG” was updated on May 11, 2023. That update date has sometimes been mistaken for the date of a new regulatory warning.
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The underlying CONSOB action remains dated March 18, 2019. There is no basis in the cited material for describing May 2023 as a fresh RichmondFG sanction.
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Several similarly named brands and domains appear in regulatory material. They should not automatically be treated as the same firm or the subject of the same warning.
| Reference | What the record says |
|---|---|
| RichmondFG | Named in CONSOB’s March 18, 2019 warning concerning unauthorized investment services. |
| richmondfg.com | Identified in earlier German regulatory material involving Terraquest Media Ltd. |
| Richmondfx | A separate name used in later CONSOB blackout announcements. |
| richmondfx.com | Named in CONSOB’s November 22, 2019 blackout announcement, involving Redal Ltd, Elit Property Vision Ltd and Richmondfx Ltd. |
| richmondfx.co | Listed in a March 6, 2020 CONSOB announcement alongside royal-fx.com. |
The November 2019 announcement identified richmondfx.com, not richmondfg.com. The March 2020 announcement identified richmondfx.co, not RichmondFG. Therefore, “CONSOB blocked RichmondFG in November 2019” is not supported by that cited announcement.
CONSOB’s November 2019 press release and March 2020 press release should be read as records about Richmondfx domains.
Which companies have been associated with RichmondFG?
Secondary reports have associated RichmondFG with Elit Property Vision Ltd, reportedly based in Sofia, Bulgaria. That should be described as an association reported in connection with the warning—not as proof that every later use of the RichmondFG name involved the same legal entity.
Earlier German material provides a separate, more specific reference. In its September 2018 BaFin Journal, Germany’s Federal Financial Supervisory Authority identified Terraquest Media Ltd. as the company using the RichmondFG trading name and operating www.richmondfg.com. BaFin said Terraquest Media Ltd. did not have permission to conduct the relevant business and that claims RichmondFG was licensed or regulated were incorrect.
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BaFin also warned about a claim that RichmondFG was authorized by BaFin to help victims recover losses from online trading platforms. BaFin said that claim was false. Its September 2018 BaFin Journal contains the relevant warning.
What this means for anyone contacted by RichmondFG
The regulatory warning is a serious reason to avoid sending additional money or personal documents to a firm using the RichmondFG name. It does not, however, establish that every complaint, recovery offer or person claiming an association with the brand is genuine or fraudulent. Those claims require separate evidence.
- Do not pay a withdrawal or recovery fee. Requests for “tax,” “insurance,” “release,” “verification” or legal fees before funds can be withdrawn are common high-risk signals.
- Stop granting account access. Remove remote-access software such as AnyDesk or TeamViewer if an alleged broker or recovery agent installed it, and change passwords from a clean device.
- Contact your bank or card provider promptly. Ask whether a card charge, bank transfer or payment can be recalled or disputed. The possibility of recovery depends on the payment method and timing.
- Preserve evidence. Keep account statements, wallet addresses, transaction IDs, emails, phone numbers, chat logs, screenshots and copies of identity documents submitted.
- Report the matter to the relevant authorities. Italian investors can contact CONSOB and local law enforcement. A report does not guarantee reimbursement, but it creates an official record.
- Be cautious of recovery firms. A person claiming to represent a regulator, lawyer, bank or international recovery service should be independently verified using contact details found on the organization’s official website—not details supplied in an unsolicited message.
Is RichmondFG operating today?
The old warning does not establish the website’s current operating status. A broker-review site reported that the RichmondFG website was inactive in an update dated January 26, 2025, but that is not an official CONSOB finding and should not be treated as one.
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FAQ
Did CONSOB issue a new RichmondFG warning in May 2023?
No. The verified CONSOB warning is dated March 18, 2019. May 11, 2023 was the update date shown on a later article that discussed the earlier action.
Did CONSOB declare RichmondFG a scam?
The cited CONSOB notice described unauthorized provision of investment services and ordered the activity to cease. It did not itself establish a criminal fraud finding or use that conclusion.
Is RichmondFG the same as Richmondfx?
The records use different names and domains. RichmondFG and richmondfg.com appear in the earlier material, while later CONSOB blackout notices identified Richmondfx and richmondfx.com or richmondfx.co. They should not be treated as the same warning without additional evidence.
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Can investors recover money lost through RichmondFG?
Neither the CONSOB warning nor the BaFin material establishes that investors will recover funds. Contact your bank or card provider quickly, preserve all evidence and be wary of anyone demanding an upfront recovery fee.
The Bottom Line
Bottom line: CONSOB’s RichmondFG warning was a March 18, 2019 action over alleged unauthorized investment services in Italy—not a new May 2023 sanction. Treat the warning as a material red flag, but keep RichmondFG separate from the later Richmondfx domain blackouts and avoid making fraud or recovery claims that the cited regulatory records do not establish.
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