The director of the company Voorschotje.nl disbanded in 2012, Gert Roepel, has to pay the Authority for the Financial Markets (AFM) a fine of almost four tonnes, plus more than €16,000 in litigation costs. He is held personally liable for paying an administrative fine.
This is evident from a judgment of the judge in Rotterdam, on which the Financieele Dagblad (FD) publishes. It is a unique verdict: the AFM has not previously initiated civil proceedings in order to collect an administrative fine.
The verdict ‘illustrates that we do not leave it at all when a driver deliberately tries to evade a fine’, the service tells the FD.
Voorschotje.nl – which was briefly the shirt sponsor of football club NEC – offered so-called flash loans between May 2011 and February 2012. C suments could take out a loan for €150 and then paid €25 in costs for it. Legally speaking, however, no more than €1.29 may be requested for this.
A customer could receive up to four credits. Those who did not pay back on time had to pay €17.50 in fine. But legally, no more than 7 cents can be charged for this. It also appeared that the company behind Voorschotje.nl, Your Finance, had no license at all to offer flash loans.
Two million fine
The AFM initially fined Your Finance €2 million. That was later moderately moderated to €397,500. The company again protested against this. In 2018, the fine became final. But Your Finance was disbanded in 2017.
By disbanding the company, Rupel has, according to the Rotterdam court, prevented the AFM from collecting the fine. He would have funneled over €2 million from the company through several dividend and agio- transactions. That is why he still has to pay the fine.
Roepel appeals against the judgment, he tells the FD. According to him, he did not divert any money at all, but the payments concerned valid settlements that took place in the context of an acquisition.