Following a securities fraud cease and desist from Liechtenstein’s Finanzmartaufischt (FMA), Public Prosecutors have raided TGI AG’s national offices.

TGI AG is a gold ruse unregistered investment scheme run by Helmut Kaltenegger.

Although Kaltenegger is based out of Austria, TGI AG operates on a .LI domain and has offices in Liechtenstein.

Following a securities fraud warning from Austria and investment ban in Germany, TGI AG’s problems in Liechtenstein began with a securities fraud warning in late April.

Kaltenegger ignored FMA’s warning and TGI AG continued to commit securities fraud across Liechtenstein.

This prompted FMA to issue TGI AG with a securities fraud cease and desist on May 26th.

By order dated May 26, 2026, the Financial Market Authority (FMA) ordered TGI AG to immediately cease the distribution and public offering of the products “Customer Basic 2%”, “Sales Premium” and “Instant Discount”.

TGI AG is conducting deposit business with these products without the necessary authorization from the FMA.

In addition, TGI AG was ordered to refrain from further holding the third-party funds accepted as deposits in connection with these products within four months of notification of the injunction.

This injunction is immediately enforceable, but is not yet legally binding.

As above, the FMA’s cease and desist was accompanied by an injunction order. This is the equivalent of the investment ban Germany handed TGI AG in April.

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

As reported by Handelblatt on June 4th;

The Liechtenstein public prosecutor’s office has searched the company headquarters in Vaduz. The authorities suspect several individuals of serious crimes.

Serious crimes cited by Handelblatt include commercial fraud, money laundering and violations of banking laws.

The TGI AG raids are part of a preliminary investigation that is ongoing at time of publication. No arrests have been made.

TGI AG refused to comment on the raids when contacted by Handelblatt, citing an “internal review”.

Why Liechtenstein is left to clean up Austrian investment fraud is unclear. Inaction from the Austrian Public Prosecutor’s Office with respect to TGI AG and Kaltenegger mirrors Lyoness and Hubert Freidl.

After Freidl’y Lyoness MLM Ponzi scheme collapsed last year, ongoing inaction from Austrian authorities allowed Freidl flee to Dubai in April.

Pending the outcome of the TGI AG criminal investigation in Liechtenstein, Kaltenegger remains at large in Austria.

As of April 2026, SimilarWeb was tracking ~112,000 monthly visits to TGI AG’s primary .LI website.

Top sources of TGI AG website traffic over the same period were Germany (60%) and Austria (38%).