Administrative fine for Landis Projectontwikkeling for offering investments illegally

^{1) The AFM has declared the objection against the fine unfounded and upheld the decision, while supplementing its reasons as included in the ruling on the appeal.}

^{2) Landis has withdrawn its objections, therefore the penalty is finalized.}

The AFM has established that Landis offered consumers plots of building land in Vriezenveen in the period from 03 December 2010 to 23 March 2011. This involved speculation on a value increase resulting from a possible change to the intended use. Landis promised a good return on the investments, and the management of the land was performed by a party other than the investor. That constitutes offering investments.

According to Section 2:55 of the Financial Supervision Act (Wft), this activity requires a licence. Landis stopped offering investments on 02 November 2012.

It is important that financial service providers hold a license granted by the AFM. A licence offers protection to consumers. Before the AFM grants a licence, it checks, inter alia, whether a financial service provider complies with the requirements of properness, expertise and integrity. Moreover, a service provider that holds a licence must comply with the so-called continuous rules of conduct. These concern, inter alia, proper services to consumers.

Amount of the fine