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The MultiBank Group (MBG), the world’s largest and foremost online financial derivatives broker, has commenced proceedings against the Von der Heydt (VdH) Group of Germany, while publicly promising to pay back all of their noteholders.
Unanimously chosen as the Most Trusted Global Broker by Global Business Review Magazine, MultiBank Group is one of the world’s leading financial institutions dealing in FOREX exchange and contracts for difference. Headquartered in Hong Kong, Multibank Group boasts a daily trading volume of over US $7.2 billion and provides services to an extensive client base of over 320,000 customers from across 90 countries worldwide. Since being founded in California in the United States by CEO and sole owner Naser Taher in 2005, MultiBank Group has evolved into one of the largest online financial derivatives providers in the world, combining prime liquidity, cutting-edge technology, and first-class customer service. They deliver advanced trading platforms and tight pricing for online financial products, including Forex, Metals, Shares, Indices, Commodities, and Cryptocurrency CFDs: Forbes covered MBG’s growth and exciting plans for the future in a recent profile piece. This lawsuit marks a blemish on an otherwise stellar year for MBG: the bank saw a record financial performance in 2020 with an annual turnover of over US$ 5 trillion and gross profit of over US$ 139 million.
The lawsuit against Von der Heydt Group stems from illegal transactions in mutual funds undertaken by the Von der Heydt Group in breach of the European Regulatory Framework; these actions have been found to be illegal by the Luxembourg Regulators, the CSSF. From 2017 to 2020, the MBG invested over EUR 43 million in a Joint Venture Project with VdH Group, during which VdH Group failed to disclose to the MBG and other investors in the project that its trading and investment activities were unlawful and in breach of Luxembourg and German regulations. The MGB believe themselves to be victims of fraud, and ardently believe the VdH Group perpetrated against them, as seen in recent coverage of the MBG’s undertaking.
This is not the first time VdH has been associated with questionable activity: in 2018, the German police raided the offices of a money manager in Berlin on suspicion of Ponzi scheme and alleged conspiracy to defraud investors amid coordinated searches in Germany and Switzerland. Stephan Blohm, then the CEO of VdH Group in Luxembourg, was a main suspect and faced criminal charges while managing the funds of VdH Group.
The MBG stresses this case is completely unrelated to ongoing business, and that the company takes pride in treating clients’ funds with the highest levels of security as they have done since 2005. As such, the Group will be paying back all noteholders to uphold their strong reputation for trustworthiness and client care.
