Financial regulator fines ‘financial advisor’ 620,000 euros

The Netherlands Authority for the Financial Markets (AFM) has issued a fine of 620,000 euros to self-proclaimed "tax and financial advisor" E.J. Hogervorst for promoting unlawful asset management company Grinta Invest. He advised investors to put substantial sums of money into Grinta Invest, resulting in them losing their money.

The AFM warned against Grinta in 2021, an investment platform that self-proclaimed online experts were promoting. The organization does not have a license and is, therefore, illegal.

According to the AFM, Hogervorst received high commissions when investors put up their money. The cash has since disappeared.

Earlier, the AFM said that influencers who give investment tips are usually not reliable. They are not typically transparent about their interests when they promote investment products on podcasts, blogs, or via Instagram, YouTube, or Facebook.

According to the regulator, they can earn significant compensation from doing this.