Five Winds Asset Management, an attempt to keep the Questra World Ponzi scheme running a little while longer, has attracted the attention of Belgium’s Financial Services and Markets Authority.

The FSMA is Belgium’s top financial regulator and on October 2nd, issued an investor warning against Five Winds.

According to the FSMA, Five Winds offers “unrealistic returns” and is operating illegally in Belgium.

Five Winds Asset Management and QW Lianora Swiss Consulting SA are not allowed to provide investment services in Belgium.

This is due to the company not “respecting Belgian financial regulation”, meaning Five Winds has not registered its investment opportunity with the FSMA.

QW Lianora Swiss Consulting operates along-side Five Winds, in attempt to push the Questra World Ponzi scam under different names.

The FSMA thus strongly advises against responding to any offer of financial services made by Five Winds Asset Management en QW Lianora Swiss Consulting SA and against transferring funds to any bank account number they might mention.

The FSMA also warns you that when you invest funds through unauthorized firms, it is often very difficult to recover these amounts.

The FSMA previously issued a warning against Questra World on July 18th.

BehindMLM has reviewed both Questra World and Five Winds. Both schemes are part of Atlantic GLobal Asset Management, which appears to be run by Russian scammers.