1. With a report dated November 20, 2020 you could read the following on the Bafin.de page:
ADCADA: BaFin orders the discontinuation and processing of the unauthorized deposit business and appoints liquidators
BaFin ordered ADCADA International AG and ADCADA Immobilien AG PCC, both based in Ruggell, Liechtenstein, by notices of November 16, 2020, to immediately cease and settle the deposit business conducted without a permit.
The companies under the names “adcada.money Fixed Interest” and “adcada.money Hypozins” accepted repayable investor money and thus operate the deposit business without the required permission from BaFin.
The companies are obliged to repay the accepted funds immediately and in full to the financier by bank transfer.
In order to enforce the resolution orders
Mr. Gerhard Brinkmann c / o Görg Partnerschaft von Rechtsanwälten mbB
Schillerstraße 18, 18055 Rostock, appointed as the processor.
Investors are requested to report their claims to him.
The notices of BaFin are legally enforceable, but not yet final.
The German financial market supervisory authority is thus handling the second and third ADCADA companies in Lichtenstein, because their economic and commercial focus is in Germany.
This means that the complaint procedure before the EFTA court is also outdated:
2. Prohibited deposit business should “Adcada.money Fixed Interest” and “adcada.money Hypozins” be:
The offense of the prohibited acceptance of “unconditionally repayable funds from the public” is fulfilled in accordance with Section 1 Paragraph 1 Clause 2 No. 1 Case 2 KWG if these ADCADA companies accepted amounts from a large number of investors with the obligation of unconditional repayment, which are not collateralised in accordance with the customary banking practice, such as loans secured by land charges. In fact, we don’t know of a single mortgage note for these investors. Instead, a so-called provisional (fake) mortgage certificate was issued by at least one of these companies.
3. Investors should not only register their deposited funds:
It is to be feared that this will be necessary but not be beneficial in itself. The bankruptcies of these two companies will follow – in Lichtenstein or Germany. It can be assumed that these companies were primarily used to collect funds from investors in Germany. The money collection accounts are at Ostseesparkasse Rostock, the cash flow was to the German insolvent parent company adcada GmbH and the investor administration, if one can speak of it at all, also took place in Rostock.
Since conducting banking business without permission is a criminal offense under Section 54 of the Banking Act, the members of the responsible corporate bodies risk criminal convictions. The conduct of this prohibited business is not just an administrative offense, but an offense with the threat of imprisonment of up to five years. The members of the responsible bodies therefore run the risk of being regarded as having a “criminal record” and being held liable under civil law for large sums of money by the investors.
Anyone who conducts deposit transactions forbidden in Germany on a commercial basis is liable to investors for damages in accordance with Section 823 (2) BGB in conjunction with Sections 1 (1) 1, 32 (1), 1, 54 KWG.
4. The two Liechtenstein joint-stock companies have three mandatory organs: the board of directors, the general assembly and the auditors.
Members of these bodies were or are:
1. Lawyer Dr. Florian Scheiber, Austria, formerly Chairman of the Board of Directors until January 2020
2. Lucas Wössner, Lichtenstein, former member of the Board of Directors until March 2020
3. BDO (Lichtenstein) AG, former auditor until May 2020
4. Benjamin, Franklin Kühn, resident in Rostock, currently Chairman of the Management Board and President of the Management Board
Upon closer examination of the legal situation, further possibilities for investors become apparent.
REIME lawyer – the law firm
We have been representing and advising ADCADA investors in Germany and Lichtenstein since the middle of this year and have developed extensive expertise on the backgrounds and backers as well as potential opponents of liability.
Right now a realistic assessment of the legal and economic starting position is important for every investor. You can do this by contacting us in a friendly phone call. But short-term meetings with us or at any other location are also possible. Simply contact us at any time by phone, email, fax or letter or just drop by unexpectedly.
Your first contact with us is generally free of charge – but cannot replace a case-by-case solution.
Please do not hesitate to contact us:
• by E-Mail: [email protected]
• Telephone: 03591 29961 33
• Telefax: 03591 29961 44
• or by post: Reime Rechtsanwalt, Innere Lauenstraße 2, 02625 Bautzen
Visit us at: https://www.rechtsanwalt-reime.de/