Finantsinspektsioon issues an investor alert about the activities of VestaFuture OÜ


Finantsinspektsioon is again warning the public about the activities of the unlicensed investment service provider VestaFuture OÜ. Finantsinspektsioon has so far this year published six investor alerts about VestaFuture OÜ. After each alert, VestaFuture OÜ has started to offer unlicensed services through new channels.

The latest alert from Finantsinspektsioon concerns the investment services provided by VestaFuture OÜ through the website kaudu. The only member of the board of VestaFuture OÜ is Serhii Pupko.

“It does not often happen that a company repeatedly changes the channel through which it offers its services after Finantsinspektsioon has issued an alert about it. Such behaviour shows a clear intention to defraud investors acting in good faith, and unfortunately this is quite easy to do using the modern internet. In such cases, Finantsinspektsioon can issue investor alerts and inform the prosecutor’s office”, said member of the Finantsinspektsioon management board Siim Tammer.

Offering financial services without a licence is a criminal act that is investigated by the police. If Finantsinspektsioon has grounds to suspect that the law has been broken in the financial market, it can inform the prosecutor and the police about the criminal act. Finantsinspektsioon does not have the authority to carry out criminal investigations itself.

The list of companies that Finantsinspektsioon has issued an operating licence to or that may provide cross-border services in Estonia can be found on the Finantsinspektsioon website in the register of market participants. Finantsinspektsioon also recommends that investors view the list of current  investor alerts on its website before purchasing financial services.


More news