Chairman Of Iraq Securities Commission warns investors about fraudulent companies

Chairman of Iraq Securities Commission, Faisal Al-Haimus, warned citizens and investors against dealing with fraudulent companies and unlicensed entities that promote investment services and opportunities, stressing the need to verify the legality of such entities before depositing money or engaging in any investment activity.

 Al-Haimus explained that some entities resort to using trade names, online platforms and social media pages to mislead investors into believing that they are licensed and accredited financial or investment institutions. They also offer promises of high and quick returns in an attempt to lure investors and take possession of their money.

Al-Haimus, emphasized that safe investment begins with verifying the service provider and ensuring that it has obtained the necessary licenses and legal approvals. He also warned against relying on advertisements or recommendations circulated on social media as a basis for making investment decisions.

Chairman Of Iraq Securities Commission stressed the need to beware of entities that request money transfers to personal bank accounts or unknown electronic wallets, or that require upfront payments. He also warned against entities that promise guaranteed or unrealistic returns, calling on investors to stop dealing with them until the legitimacy and safety of their activities are verified.

 He urged investors to inquire with the relevant regulatory authorities about licensed companies before dealing with them and to report any activity or advertisement suspected of promoting unlicensed investment or financial activities.

 Al-Haimus affirmed that the Securities Commission continues its regulatory and awareness-raising efforts to curb illegal practices and strengthen investor protection, thereby contributing to building confidence in the market, raising investment awareness, and safeguarding citizens’ savings.