FSMA Warns Against Unauthorized Entities North Star Management Japan and Part Capital Over Boiler Room Fraud

The Financial Services and Markets Authority (FSMA) of Belgium has issued a public warning regarding unauthorized investment services operating within the country. The financial watchdog specifically named North Star Management Japan (operating via northstarjp.com) and Part Capital (operating via partcapital.com) as entities carrying out irregular activities. According to the regulatory notice, neither North Star Management Japan nor Part Capital holds authorization to offer investment services on Belgian territory. The FSMA strongly advises the public against responding to any financial offers made by these companies and warns against sending money to any bank accounts they provide. The regulator indicated that these companies are suspected of operating as "boiler rooms." In this type of fraud, scammers typically make unsolicited contact—often by telephone—to push shares or other financial products. Modern variants of this fraud also promote management accounts, term accounts, investment advice, and crowdfunding investments. Even though boiler rooms frequently present themselves as authorized service providers with professional websites and official-looking forms, the FSMA emphasized that their products and services are fictitious or worthless. The standard fraud cycle begins by enticing investors with a small initial commitment that quickly appears profitable. The scammers then exert intense pressure to demand increasingly large sums. Once an investor seeks to retrieve their money, withdrawals are blocked unless additional payments are made, or the accounts suddenly report catastrophic losses, leading to the total loss of invested capital. To avoid boiler room fraud, the FSMA recommends that consumers always verify the true identity and licensing of any financial provider, check regulator warning lists, and treat unsolicited calls or emails with extreme skepticism. Investors should also be wary of demands for money transfers to foreign bank accounts—particularly in Asia—and reject promises of unrealistic returns or demands for tax and fee payments to release funds.