FINMA is the Swiss Financial Market Supervisory Authority, an entity part of the federal government. When you see FINMA on the news, it means the compliance of people and organizations with financial laws is being investigated.
I have no horse in this race. Anyway, stories of financial misconduct are fascinating since they reveal a lot about human nature.
As first post, there are news today about two companies investigated by FINMA: real estate startup Le Bijou Holding and the fund Moonshot Ventures. Sadly, I cannot afford a subscription to the Handelszeitung, so all I can share from journalist sources is a headline.
But, there are public sources such as this website from the Swiss government that compiles info from all cantonal commerce registries. FINMA had taken control of Moonshot Ventures at the end of Sep 2024. Also took control of Le Bijou Holding at the end of October 2024.
Why do I care? Because both companies showed up in my social media feeds 2 or 3 years ago, meaning they paid for marketing targeted at retail investors. So, itâs possible that a lot of people may be losing sleep over this.
This is a developing story, more details will come up soon. For the moment, a video from happier times:
Happier times? He doesnât know where they had all the information from regarding his personal preferences and needs?
That would scare the shit out of me
Maybe itâs not FINMA but the data protection official who should take a close look at Le Bijou.
Strange only the Handelszeitung is reporting on this. Ich checked as well as I think this information should be accessed by the public.
Interesting things are happening behind closed doors. The story continues after a week, blick.ch links to this blog. tippinpoint.ch. Itâs some news from a tenant in Bern being asked for the keys of a property rented to the company(ies) under investigation.
I guess renting commercial property does not have the same level of protection for tenants as renting a place to live.
Even if Moonshot isnât the rightful owner and doesnât represent them, it is still undeniably in the actual ownerâs interest (and everybody elseâs) that the rent/lease payments continue to flow and therefore that the restaurant opens as planned.
And of course, as curley mentioned, thereâs the question of executive power. It might made for a very interesting story if sheâd called the police to report him for trespassing, and have him held in place until they arrive.
Apparently, the issue is selling unregistered securities to non-qualified investors in Switzerland. An example of an unregistered security is a bond not registered in any public exchange. The definition of individual qualified investor is having 2 million francs in net financial investments. Non-qualified is less than 2 million.
there is a strong suspicion that the persons involved in the proceedings as a group have carried out several activities that are prohibited under financial market law without the necessary authorisations, namely activities as a securities firm and as a derivatives house, the acceptance of public deposits and the corresponding advertising for this, and the issuing of structured products.
What about the restaurant in Bern? The plot thickens, there is no rental agreement, itâs only a sublease. So, what are the rights of people subrenting?
The âSupernovaâ restaurant project, which has been mentioned several times in the media, is located in the property at Schauplatzgasse 22 in Bern. This property is owned by OCSP AG, which is a company affected by the enforcement proceedings. There is a specific suspicion that the purchase of this property was financed with funds from an activity that is prohibited under financial market law. Contrary to the representation sometimes spread in the media, there is no rental agreement between the operator of the âSupernovaâ restaurant and the owner of the property. Instead, the operator of the restaurant bases her claims on a sublease agreement between her and a natural person directly affected by the current enforcement proceedings. FINMA has concrete evidence that the sublease agreement may have been concluded illegally.
The symbolism hereâŠI have no words. I can only quote the wiki:
A supernova occurs during the last evolutionary stages of a massive starâŠThe original object, called the progenitor, either collapses to a neutron star or a black hole, or is completely destroyed to form a diffuse nebula.
That would explain why the restaurant had to be closed immediately. If the main renter loses the contract, the sublease can no longer be fulfilled. Plus, it seems to have been a verbal agreement only. For four floors! Calling that naive doesnât do her justice.
It doesnât crash. The problem is you (or some bot) translated âAnhaltspunkteâ with evidence when it is âindicationsâ/âcluesâ.
âFinma has concrete clues available/at hand which indicate the subletting contract may have/could have been concluded illegitimatlyâ
I even gave you a choice or two to please your ear which ever way desired.
My conclusion out of this: Iâm not worried about bots and KI
Financial misconduct processes are very very slow.
This one caught my eye because I went to a dry cleaning shop in a Migros mall near my home. Iâve read the news of the failure of some Migros business, but I did not expect to see half the mall empty. Something interesting may be happening at Migros.
Pay expensive consultant for due diligence before buying a company and then complain publicly some years later about âaccounting irregularitiesâ. If the DD consultants did not review the accounting, what is the purpose of a DD in first place?
Another curious thing, lawsuit flying around and no mention of FINMA which precisely investigates âaccounting irregularitiesâ.
FINMA released a report this week telling that more or less says 40% of new mortgages do not follow recommended guidelines. Banks are ALLEGEDLY giving loans to people who are not in a good position to pay back.
One guy working to the one and only too bit to fail bank Switzerland said FINMA is a bunch of ****** who only say this because they could not stop CS collapse. Of course, what else would a banker say?Acknowledge wrongdoing? Naaaa, itâs always unforeseen events with unpredictable consequences. TA says this guy is ALLEGEDLY speaking as free individual, not as UBS employee.
So, a regulatory agency with very poor credibility for now is raising an alarm. The winners of recent times tell regulations are too tight. Ahh, almost yesterday:
Itâs not that bad, the Earth is much larger than Switzerland
However, agree, itâs banksters game. The banks shape the reality, not the consumers. Itâs enough to increase loan interests to 5-10% and suddenly thereâs no galloping inflation. But banksters wants the opposite to maximize their profit. If not FINMA we would have seen regular waves of consumer bankruptcy because people are naive.
The interest rate for consumer credit is capped at Saron plus 10pp. For overdraft itâs 2pp higher. Saron meanwhile is close to SNBâs interest rate.
