Brainreason enters FINMA warning list

Bankruptcy, FINMA, Switzerland, investment8 June, Lagos — Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland.

In its latest exploits, the regulator has added brainreason to its warning list. Brainreason is a forex broker which sells itself as offering international brokerage solutions for individuals and companies who need professional financial services with priority on high privacy and security. Brainreason provides its customers with superior brokerage and execution services. Our clients receive all advantages of trading with a Private Bank but at Ultra Low Cost.” The company uses a Zurich address on its website, but the regulators discovered that the brokers name is non-existent in Switzerland’s commercial register. As Brainreason enters FINMA warning list, the company also falsely claims to be regulated by FINMA and to be a member of ISDA, therefore earning it a red-flag upon discovery.

The regulator clarified that "FINMA keeps and publishes a warning list of companies that might be operating without a licence although their service requires authorisation and should be supervised by FINMA. Check it out before you sign anything. The public should be especially wary of providers who have been the subject of a FINMA ruling due to a serious violation of supervisory regulations."

Recently, the Swiss Financial Market Supervisory Authority made a public announcement that it has initiated bankruptcy proceedings over three financial entities within its jurisdiction.

  • Kammermann Immobilien-Investment GmbH
  • Kammermann Investment GmbH
  • OLIVEDA Switzerland AG

When assessing the of OLIVEDA Switzerland AG, the regulator found that it is a joint-stock company that offers investors the opportunity to buy a shares in olive groves, while promising 10% of annual return. The firm’s suspicious business activities were already halted by the Swiss regulator back in the final quarter of 2014 and got officially declared insolvent on the 27th of April. The investment firm based in Basel has been appointed to the attorney firm Fintegrity GmbH for further proceedings. The other two firms; Kammermann Immobilien-Investment GmbH and Kammermann Investment GmbH are subsidiaries of Kammermann group and both arms were already declared bankrupt on the 27th of April by FINMA.

Leave a Reply

Your email address will not be published. Required fields are marked *