Financial Asset Management: BaFin investigates purported sale of shares in “Porsche AG”

[RSS]

The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Financial Asset Management and the services it is offering. The company is providing these services without authorisation under the German Banking Act (Kreditwesengesetz – KWG) or the German Investment Firm Act (Wertpapierinstitutsgesetz – WpIG). Specifically, the company is leading investors to believe it can sell them shares in Dr. Ing. h.c. F. Porsche Aktiengesellschaft (“Porsche AG”). In addition, BaFin has not received a securities prospectus from the company; the prospectus is required under the German Securities Prospectus Act (Wertpapierprospektgesetz – WpPG) for an offer of shares to the public. BaFin has serious doubts that the offerors are willing or able to transfer title of the shares being offered.

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