The Autorité des marchés financiers (AMF) has issued a public warning against the activities of Magaffairs through its website https://magaffairs.com where it offered investment in various mutual funds and alternative investment funds without authorization.
Through detailed marketing documents, Magaffairs offers investors investments in various mutual funds, which have no authorisation for marketing in France. The company also does not have the legal statutes authorising it to offer investors in France subscription to mutual funds units.
The AMF asks investors to not do business with persons or entities associated with Magaffairs and to not pass their marketing advertisement to third parties.
The AMF also reminds investors to follow these simple guidelines before making an investment:
- High returns always involve high risk and no advertising materials should be able to convince you otherwise;
- Research the company or intermediary trying to sell you a product (authorization/certification, company history, location of head offices, etc.);
- Invest only in products you understand;
- Find out how, and by whom, the purchase price or selling price of the advertised product is set. Find out the precise terms and timeline for selling the product, especially in cases where the product invests in an asset class with low liquidity.
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