On July 20th the Commissione Nazionale per le Società e la Borsa (CONSOB), Italy’s top financial regulator, issued a warning against Questra World and Atlantic Global Asset Management.

Questra World is a Ponzi scheme fronted by Spanish management, with strong ties to Russian operated Atlantic Global Asset Management.

Citing Resolution 20075, CONSOB advises

The National Commission for Companies and the Stock Exchange has imposed a cautionary suspension, for a period of 90 days, pursuant to article 101, paragraph 4, letter b), of the Consolidated Law on Finance (TUF), on the advertising activity carried out through the Facebook page “facebook.com/QuestraWorldIItaliaAffiliati” related to the offer to the public of “investment portfolios” promoted by the companies Questra World, Questra Holdings and Atlantic Global Asset Management.

At the time of publication the Facebook page cited by CONSOB has been removed. It is believed it was the top affiliate investor portal for Questra World affiliates in Italy.

Late last year the Austrian FMA and Belgian authorities separately issued Questra World warnings.

In Poland the Ponzi scheme is under investigation for violating Polish Banking Law and the Act on Investment Funds.