As their Questra World Ponzi collapsed, the scammers behind it and Atlantic World Asset Administration launched 5 Winds Asset Administration.
Regardless of the arrest of founder Pavel Krymov and energetic prison investigations in Russia and Kazakhstan, recruitment of gullible buyers into 5 Winds exhibits no indicators of slowing down.
On the time of publication Alexa cite Russia (29%), Germany (17%) and Kazakhstan (12%) as the biggest sources of site visitors to the 5 Winds web site.
This has lastly attracted the eye of German authorities, who on Monday declared 5 Winds was unlawful throughout the nation.
BaFin, Germany’s federal supervisory authority, seems to have been investigating 5 Winds.
That investigation concluded on August twenty first, leading to a stop and desist issued to each Atlantic World Asset Administration and 5 Winds Asset Administration.
Writes BaFin;
The 2 corporations supply “suitcases” or ready-made “portfolios”.
They declare to contain their buyers within the efficiency of those merchandise.
There is no such thing as a concrete funding technique recognizable. Buyers themselves make no resolution as to which concrete monetary devices their cash needs to be invested in.
Consequently, Atlantic World Asset Administration and 5 Winds Asset Administration are offering industrial funding administration in accordance with part 1 (1) sentence 1 no. 11 of the German Banking Act ( KWG ).
Nevertheless , they don’t have the BaFin permission required below Part 32 (1) KWG . They’re subsequently unlawful.
Though worded in a different way, that is just about Germany’s model of a securities fraud stop and desist.
BaFin advises the stop and desist is enforceable however not but ultimate.
Presumably after a time period has handed inside which AGAM and 5 Winds fail to problem the discover, it should then be made everlasting.
On the time of publication the Atlantic World Asset Administration web site is offline.
Within the wake of Krymov’s arrest, 5 Winds’ continued operation is believed to be below the management of Russian and/or Ukrainian scammers.