WGI DM loses "credibility" and its broker's license

The decision is effective as of April 4. "According to the Commission, the scale of irregularities and the lack of WGI DM credibility does not allow for further functioning of this company as a licensed brokerage house," wrote the Commission in its announcement. The Commission accuses WGI DM of misleading its clients and providing different data to clients and the Commission. It imposed a fine of zł.500,000 on the company. WGI DM claims that it surrendered its brokerage license on Monday, although the KPWiG spokesperson maintains that the law does not provide for such a possibility. WGI DM runs almost 1,500 investment accounts, which according to daily Parkiet, may contain assets amounting to zł.120 million. The WGI Group spokesperson Artur Niewrzędowski informed that on Tuesday morning that the assets, rights and liabilities of WGI DM were taken over by WGI Europe which is to operate in London. However, according to the law, WGI DM cannot transfer the assets of its clients nor their personal data to another company and if the clients do not sign a new agreement with WGI Europe, WGI DM will have to return their assets. Moreover, the Securities and Stock Exchange Commission warns that WGI Europe does not have a brokerage license in the UK. (Parkiet, p. 1; Puls Biznesu, pp. 1, 10-11; Rzeczpospolita, A1,B1) E.B.