The Dutch Authority for the Financial Markets (AFM) issued a consumer warning about Frank Wim Brugman, stating that he is providing asset management services without the required AFM authorisation and is therefore acting in breach of the law. The AFM urged consumers not to do business with him and advised existing clients not to comply with any requests to add further funds. According to the AFM, Brugman entered into agreements with Dutch consumers to trade shares on their behalf, with clients transferring money to his personal bank accounts. Part of these funds was moved to his investment accounts at various brokers and used to invest in high-risk products such as turbos and warrants. The AFM reported that he received contributions from more than 70 investors totalling over EUR 800,000, made large losses on these investments, and nonetheless presented clients with claims of substantial returns and an ability to repay, while the AFM’s investigation found that repayment requests were not being met. The AFM noted that Brugman may seek judicial review of its decision.
Dutch Authority for the Financial Markets 2025-01-23
Dutch Authority for the Financial Markets warns consumers that Frank Wim Brugman is acting as an unlicensed asset manager
The Dutch Authority for the Financial Markets (AFM) issued a consumer warning against Frank Wim Brugman for providing unauthorized asset management services. Brugman allegedly received over EUR 800,000 from more than 70 investors, investing in high-risk products and incurring significant losses while falsely claiming substantial returns. The AFM advises consumers against engaging with Brugman and notes he may seek judicial review of the decision.