Erscheinung:21.08.2024 | Topic Consumer protection, Prospectuses, Unauthorised business sparzinsinvest.de: BaFin investigates purported sale of TikTok shares and warns consumers about case of identity theft and identity fraud
The Federal Financial Supervisory Authority (BaFin) warns consumers about services supposedly offered by the company Swiss Financial Services AG, which is domiciled in Zurich, Switzerland. Financial and investment services are being offered without authorisation under the German Banking Act (Kreditwesengesetz – KWG) or the German Investment Firm Act (Wertpapierinstitutsgesetz – WpIG). Specifically, investors are being led to believe that they can buy shares in the Beijing-based company Bytedance Technology Ltd. (“TikTok shares”).
The services are not actually being offered by Swiss Financial Services AG. This is a case of identity theft against Swiss Financial Services AG by unknown perpetrators.
Fire Financial Service Limited, New York, USA, is supposedly involved in the broking activities. No entry into the commercial register of New York State could be found for this company. BaFin has not received a securities prospectus from the company. Under the German Securities Prospectus Act (Wertpapierprospektgesetz – WpPG), a prospectus is required for an offer of shares to the public.
Furthermore, the perpetrators are offering to broker term deposit investments at European banks on their website sparzinsinvest.de. The website also refers to other investment opportunities, including “shares and IPOs”. IPO stands for “initial public offering”, i.e. when a company’s securities are offered to the public for the first time.
In the website’s legal notice, the operator claims to belong to the Raisin group of companies and makes explicit reference to Raisin Bank AG, which is registered with BaFin as a credit institution. These claims are false and no relationship exists between Raisin Bank AG and the operators of the website sparzinsinvest.de. This is a case of identity fraud.
