TGI AG’s regulatory problems in Liechtenstein began with a securities fraud warning in late April.

TGI AG founder Helmut Kaltenegger ignored the warning, prompting the Finanzmartaufischt (FMA) escalate to a securities fraud cease and desist on May 26th.

FMA’s cease and desist contained an injunction order, effectively prohibiting TGI AG’s operation and promotion in Lichtenstein.

On June 2nd TGI AGI’s Liechtenstein offices were raided at the direction of the Public Prosecutor’s Office.

Details of the TGI AG criminal investigation into TGI AG and Kaltenegger have yet to be made public. In the meantime though, TGI AG and its promoters appear to be spreading misinformation.

This has prompted a response from FMA, who published a “clarification” on June 11th.

The FMA is currently receiving numerous inquiries and reports regarding TGI AG. Furthermore, false claims about the FMA are circulating.

In this regard, the FMA clarifies the following …

The FMA has neither caused the affected contracts to become non-terminable nor has it ordered that, in the event of a repayment or rescission of the funds received under the affected contract models (“purchase prices”), discounts or (premium) fees already paid out to customers must be reclaimed or offset.

Nor has the FMA approved or endorsed any new or modified contracts, products, or practices of TGI AG. Nor can any approval, seal of approval, or the like be inferred from the fact that the FMA does not comment on contracts, products, or other matters. The business model or individual products of TGI AG have been neither approved nor endorsed by the FMA.

The FMA notes that it cannot provide information on individual civil law matters and recommends that TGI AG customers consult a lawyer regarding questions about existing contracts (e.g., termination rights) or proposed contract amendments.

I’m reading a bit between the lines here, but it appears, quietly behind the scenes, TGI AG is attempting to further screw investors out of money.

TGI AG is an MLM gold ruse Ponzi scheme. Investment is solicited on the promise of 2% to 4% a month for 36 months.

TGI AG is not registered to offer securities in any jurisdiction, nor has it filed audited financial reports with regulators.

The FMA’s cited “contracts” presumably refers to the 36 month investment contracts TGI AG illegally solicits investment into.

Presumably, in the wake of regulatory fraud warnings, cease and desist orders and office raids, TGI AG investors have begun demanding refunds.

TGI AG is refusing to pay out, claiming the FMA’s cease and desist order has somehow made the 36-month investment contracts “non-terminable” (unable to be cancelled).

As the FMA points out, this is of course baloney.

The FMA’s second point of clarification is self-explanatory. Financial regulators, not just in Liechtenstein, never endorse products and services offered by companies.

Again, reading between the lines, TGI AG and/or its promoters have been marketing new investment contracts they claim are “FMA approved”.

On why TGI AG is looking to weasel out of refunding investors, that’s an easy one. In the wake of regulatory action and office raids in Liechtenstein and Germany also banning TGI AG, recruitment of new investors has likely plummeted.

No new investors means no new money to pay out, and so here we are.

The beginnings of TGI AG’s collapse are evident in website traffic tracked by SimilarWeb. For May 2026, SimilarWeb tracked ~103,000 monthly TGI AG website visits. This represents a month-on-month drop in traffic of around 8%.

Not ground-breaking but enough to cause problems. Especially if things are looking bleaker in June, which given FMA’s late May cease and desist and early June raids, they probably are.

Over the same May 2026 period SimilarWeb tracked top sources of TGI AG website traffic as Germany (60%) and Austria (37%).

As previously mentioned, BaFin did ban TGI AG nationwide but that obviously hasn’t been enough.

Helmut Kaltenegger is an Austrian national who resides in Austria. Despite this and Austria being the second largest source of TGI AG recruitment, Austrian authorities have yet to take action.