The Federal Financial Supervisory Authority (Bafin) has banned New York International Traders based in Nuremberg from the deposit business and the financial portfolio management. Bafin has asked Thomas Zwingmann, who is behind the company, to liquidate.
Zwingmann had offered shares in the company under the name of New York International Traders and promised investors to buy them back at a predetermined price later. By accepting the funds whose unconditional repayment he promised, he operates the deposit business without the necessary permission from BaFin. He is also obliged to repay the funds immediately and completely by bank transfer to the investors.
In addition, Zwingmann allowed customers to give authority to act and hand over their online access data to custody accounts. The decision obliges him to repay the funds received immediately to the investors and to terminate all closed asset management agreements.