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Director of payday loan company receives AFM fine on his own sign | Financial

This is evident from a judgment of the court in Rotterdam, about which the Financieele Dagblad (FD) publishes. It is a unique statement: the AFM has never before initiated civil proceedings to be able to collect an administrative fine.

Deliberately avoiding

The verdict “illustrates that we will not give up if a driver consciously tries to avoid a fine,” the service told the FD.

Voorschotje.nl – which was briefly the shirt sponsor of football club NEC – offered so-called flash credits between May 2011 and February 2012. Consumers were able to take out a loan for € 150 and then paid € 25 in costs. From a legal point of view, however, no more than € 1.29 may be charged for this.

A customer could receive up to four credits. Anyone who did not pay back on time had to pay a fine of € 17.50. But legally, no more than 7 cents can be charged for this. It also appeared that the company behind Voorschotje.nl, Your Finance, did not have a license at all to offer payday loans.

Two million fine

The AFM initially imposed a fine of € 2 million on Your Finance. That was later moderate to € 397,500. The company again protested against this. The fine became final in 2018. But Your Finance was dissolved in 2017.

According to the Rotterdam court, Roepel has made it impossible for the AFM to collect the fine by dissolving the company. He would have diverted more than € 2 million from the company through multiple dividend and share premium transactions. That is why he now has to pay the fine.

Takeover

Roepel is appealing against the verdict, he informs 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 a takeover.

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