Erscheinung:13.09.2022 | Topic Prospectuses, Unauthorised business SV Financial Service Inc.: Unauthorised offer to subscribe for YouTube shares prior to their public offer
SV Financial Service Inc. is contacting consumers by telephone on an unsolicited basis and offering them what they claim to be preferential YouTube shares prior to their offer to the public. The company’s website is available under svfinancialservice.com. When contacting consumers, the company also uses the name S / V / F / S Financial Services, and often also adds Silicon Valley Finance to their name. The business address stated on the company’s website is located in Vienna, Austria, whereas the business address stated in the business documents is located in Zurich, Switzerland. No commercial register entry could be found at either of these locations.
Recently, there have been a number of reports of fraud attempts where shares of well-known companies are offered for subscription. After the consumers have paid, the shares are not delivered and the offerors can no longer be contacted.
Companies offering shares of other companies to consumers need prior authorisation from BaFin. The same applies for shares prior to their offer to the public. Information on whether a particular company has been granted such authorisation by BaFin can be found in BaFin’s database of companies.
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that SV Financial Service Inc. does not have authorisation to conduct banking business or to provide financial services.
BaFin has also not received the securities prospectus required for an offer to the public of the shares in question. You can check whether an approved prospectus for an offer of securities to the public has been filed with BaFin by consulting the Prospectuses filed database on the BaFin website.
