AMSTERDAM (Reuters) – The Financial Markets Authority (AFM) an administrative fine of 300,000 euros imposed on credit provider Inpetto Services.
The company gets the fine because it between October 2012 and August 2013 flash loans offered without a license from the AFM. This has the regulator disclosed in the financial markets Thursday.
Director EJ Meter Inpetto fined 200,000 euros. He gave as the regulator in fact led to the violations. Measures to stop the violations he has omitted, according to the AFM.
Inpetto offered through the website www.heeleen.nl consumers the ability to quickly borrow money at high cost. Inpetto advertised that there is no charge for credit were charged. In reality, consumers had to pay high cost indeed. Inpetto has now ceased its activities relating to the offering of flash credit.
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