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AFM imposes an order for incremental penalty payments on the manager of Trade4Profit

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On 30 May 2013, the Netherlands Authority for the Financial Markets (AFM) imposed an order for incremental penalty payments on Mr J.A.P.L. van der Leest (Mr Van der Leest), for failing to comply with requests for information from the AFM. The information was requested because he is the manager of Trade4Profit bvba (currently InPro Group bvba), a Belgian company that is presumed to have provided investment services to Dutch consumers, and/or continues to provide these services, without the required AFM licence.

 
State of affairs of legal proceedings
Order imposed Objection Appeal Further appeal
Initiated Decision taken Initiated Judgment given Initiated Judgment given
30-05-2013    13-11-2013 28-08-2014 09-10-2014 14-04-2016

Trade4Profit bvba offers consumers the opportunity to invest in (foreign) exchange products (forex), by becoming participants. It is illegal to perform investment services in the Netherlands without an AFM licence. This may constitute a violation of Article 2:96 of the Financial Supervision Act (Wft). The AFM requires the requested information in order to establish whether this Act has been violated and to establish to what extent Mr Van der Leest was involved in this violation.

Mr Van der Leest, resident of Heerlen, did not supply the requested information by the deadline and is therefore required to make incremental penalty payments. The requested information still needs to be provided to the AFM. The incremental penalty payments will increase by €5,000 for every day Mr Van der Leest fails to comply with the order, subject to a maximum amount of €50,000 in total.

The AFM calls on the public to share information on Trade4Profit bvba with the AFM. If you wish to do so, you can contact the Financial Markets Information Line on: 0900-5400 540 (5 euro cents per minute).

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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