Five Winds Asset Management illegal in Germany, warning issued
As their Questra World Ponzi collapsed, the scammers behind it and Atlantic Global Asset Management launched Five Winds Asset Management.
Despite the arrest of founder Pavel Krymov and active criminal investigations in Russia and Kazakhstan, recruitment of gullible investors into Five Winds shows no signs of slowing down.
At the time of publication Alexa cite Russia (29%), Germany (17%) and Kazakhstan (12%) as the largest sources of traffic to the Five Winds website.
This has finally attracted the attention of German authorities, who on Monday declared Five Winds was illegal across the country.
BaFin, Germany’s federal supervisory authority, appears to have been investigating Five Winds.
That investigation concluded on August 21st, resulting in a cease and desist issued to both Atlantic Global Asset Management and Five Winds Asset Management.
The two companies offer “suitcases” or ready-made “portfolios”.
They claim to involve their investors in the performance of these products.
There is no concrete investment strategy recognizable. Investors themselves make no decision as to which concrete financial instruments their money should be invested in.
As a result, Atlantic Global Asset Management and Five Winds Asset Management are providing commercial investment management in accordance with section 1 (1) sentence 1 no. 11 of the German Banking Act ( KWG ).
However , they do not have the BaFin permission required under Section 32 (1) KWG . They are therefore illegal.
Although worded differently, this is pretty much Germany’s version of a securities fraud cease and desist.
BaFin advises the cease and desist is enforceable but not yet final.
Presumably after a period of time has passed within which AGAM and Five Winds fail to challenge the notice, it will then be made permanent.
At the time of publication the Atlantic Global Asset Management website is offline.
In the wake of Krymov’s arrest, Five Winds’ continued operation is believed to be under the control of Russian and/or Ukrainian scammers.
Interestingly, on the German, Hungarian, Romanian websites everyone is waiting for the Questra-Agam re-launch in early September.
The stupidity of those once-scammed waiting to pounce on another opportunity to be scammed is incalculable.
So if I’m understanding correctly, they’re cease and desisting the shell company?
Argh Europe and its “not yet final orders”. Just get it over with!
The order of the German BaFin comes late. Very late. QW Lianora Swiss Consulting SA is in liquidation. Here is the last entry from the commercial register:
greetings y invest 2450 euro y do not espect they give me back the money but surtenly teel everybody y know for sure do not invest.
For unto 11/04/2019 this website is still available and none have ever think of close it.
Please I have my 7320 euro in this investments how can I get back my money even if I am going be one of them that will investigation him which I will be glad to do. Thanks
You invested in a Ponzi scheme that collapsed about a year and a half go.
Your money is long gone. Sorry for your loss.
Joke of the week:
This is an announcement on Facebook page of Five Winds Asset Management Info Page. I guess it’s only official social media channel of FWAM – nolink://www.facebook.com/Five-Winds-Asset-Management-Info-Page-1894081150910576/
Yes, FWAM landing page is not accessible.
FWAM backoffice login page redirects visitors to a website looking like a kind of finish travel agency.
Good night and a message to the last one… please turn off the light on leave.