Erscheinung:24.03.2021, Stand:updated on 30.03.2021 | Topic Unauthorised business Thiel Capital: BaFin prohibits unauthorised safe custody business
In a notice dated 5 March 2021, BaFin ordered Thiel Capital to immediately cease its unauthorised safe custody business.
Thiel Capital targets potential clients and offers them selected shares for purchase. While so doing, the company in some cases also suggests to the contacted persons that, by acquiring these shares and involving a bad bank in the transaction process, they can offset losses incurred in the past from securities acquisitions which are now illiquid. The shares thus purchased are to be deposited in a securities account which the client must open beforehand at Thiel Capital.
The company is therefore conducting safe custody business as defined in section 1 (1) sentence 2 no. 5 of the KWG on a commercial basis. However, Thiel Capital does not hold authorisation from BaFin as required under section 32 (1) of the KWG and is thus conducting unauthorised business.
According to the information and documents available to BaFin, the company has registered offices in the United States, Sweden and the United Kingdom. It operates on the internet through its websites thiel-capital.com and thiel-capitals.com.
BaFin has not received any indications that Thiel Capital is connected to the US company Clarium Capital LLC or its President, Mr. Andreas Peter Thiel.
