Erscheinung:29.07.2022 | Topic Unauthorised business BaFin investigates United Global Investing, Inc.
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that United Global Investing, Inc. (based in Denmark and the United States of America) has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.
The company is contacting consumers on an unsolicited basis and advising them to buy specific shares. United Global Investing, Inc. is also advertising that its investment fund units are available for purchase on its website ugi.com. For this reason, BaFin has reasonable grounds to suspect that the company is offering financial services/conducting banking business in Germany without the required authorisation.
Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies.
United Global Investing, Inc. has copied key aspects of and used content from the website that belongs to the US company U.S. Global Investors, Inc. (usfunds.com) for its own website. BaFin has no evidence to suggest that the two companies may be working together. In fact, this is likely to be a case of identity theft committed by United Global Investing, Inc. against U.S. Global Investors, Inc.
