The Dutch Authority for the Financial Markets (AFM) imposed a EUR 34,000 fine on G.J. Stroo for co-perpetrating illegal asset management by collaborating with and promoting the unlicensed asset manager Grinta Invest and introducing investors to it. Stroo promoted Grinta Invest via a website, brought in investors, acted as a contact person and guided investors through the onboarding process. He received high commissions, including 10% of the assets invested by clients, and the fine was set at the gross benefit obtained from the breach. Grinta Invest did not hold a licence and subsequently disappeared with investors’ money. The AFM linked the case to wider risks it has flagged around finfluencers and other promoters, including working with unlicensed firms and receiving referral fees, and urged consumers to verify providers in the AFM registers. The release does not indicate whether an objection or appeal has been filed against the measure.
Dutch Authority for the Financial Markets 2025-01-17
Dutch Authority for the Financial Markets fines affiliate EUR 34,000 for promoting unlicensed asset manager Grinta Invest
The Dutch Authority for the Financial Markets (AFM) fined G.J. Stroo EUR 34,000 for co-perpetrating illegal asset management with unlicensed Grinta Invest. Stroo promoted Grinta Invest, facilitated investor onboarding, and received high commissions, while Grinta Invest vanished with investors' funds. The AFM highlighted broader risks associated with finfluencers and unlicensed firm promoters, urging consumers to verify providers in AFM registers.