BaFin Issues Cease and Desist Order to Curpat GmbH i.G.

The German Federal Financial Supervisory Authority BaFin announced yesterday that, it has issued a cease and desist order to Curpat GmbH i.G. to stop and wind up the unauthorized money remittance business immediately.

According to the official press release, Curpat GmbH i.G. accepts funds from private individuals on its business accounts and forwards them to recipients based in Slovakia.

The German financial watchdog noted that the administrative order is immediately effective and enforceable though it may still be subject to judicial review.

Last month, Fazzaco reported that BaFin announced the caution with buy recommendations for shares in Rainforest Resources Inc.​ (ISIN US75087K1034), which were being made on a large scale in the form of phone calls.