KNF warns against WIWN.PL Orzechowski and the processor of seeds from Kruszwica

On May 5, 2022 Polish Financial Supervision Authority added 4 new entities to the list of alerts. However, the business profile of each of them may be surprising. This group includes, among others WIWN.PL Orzechowski spółka komandytowa with its registered office in Łódź - a recognizable company dealing in investing in real estate and training on this subject, which is conducted by Wojciech Orzechowski - a multiple speaker at the Invest Cuffs conference. Details below.

The KNF warns against the company of Wojciech Orzechowski

Real Estate Investing Workshops (WIWN.pl) is a company that was registered in 2016. It was enough to be interested in the housing market in the last few years to come across the person of Wojciech Orzechowski. A charismatic investor who shares his knowledge mainly about the real estate market and the so-called flip flipping (method: buy - renovate - sell), is a recognizable and valued person in the industry. He conducted a number of trainings - both face-to-face and webinars. There is also no shortage of him on YouTube, even on channels not related to investing (e.g. ZacharOff - automotive channel).

So what happened that WIWN was placed on the KNF list? It is not really known for sure. It can be suspected that it is not fully thought out (and according to the Polish Financial Supervision Authority - lawful) marketing campaign. The regulator message only says that the reason for the warning is due to notification under Art. 296 paragraph. 1 of the act on investment funds. The proceedings were initiated by the KNF Office and the case is being conducted by the District Prosecutor's Office in Warsaw.

The case is serious, because the penalty for violating the aforementioned point of the Act is a fine of up to PLN 1 million or up to 2 years in prison (or both of these penalties jointly).

Article 296. 1.

Who, without being authorized to do so, uses the terms referred to in art. 8c paragraph. 6, art. 14 sec. 4 and 6 or article. 41 paragraph. 2, or the terms referred to in Art. 1 regulation 345/2013 or article. 1 of Regulation 346/2013, or the term "alternative investment fund", shall be subject to a fine of up to PLN 1 or imprisonment for up to 000 years, or both of these penalties jointly.

source: Act of law: Act on investment funds

WIWN.PL Orzechowski entry on the KNF's list of public warnings. Source: KNF.gov.pl

What do the main stakeholders say? Until this article was published, there was no official response from WIWN representatives - as soon as it becomes available, we will update this article.

UPDATE - May 7, 2022

I was surprised to hear the content of the Polish Financial Supervision Authority's announcement on the entry of WIWN.PL Orzechowski sp.k. based in Łódź on the list of public warnings. I do not know the content of the notification that the KNF submitted in the notification. It follows from the content of the KNF entry and the legal basis that this applies to defective advertising and the use of the term investment fund. In my opinion, there must be some kind of misunderstanding. 

Of course, I declare my willingness to cooperate with the authorities in order to clarify all the circumstances of the case and I am sure that the matter will be resolved quickly.

Let me just add that we have MOUNTNUT INVESTMENT SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ ALTERNATYWNA INWESTYCYJNA SPÓŁKA KOMANDYTOWO-AKCYJNA with its registered office in Łódź at ul. Żwirki 17, which we advertise with Tomasz Góra. Such a company is considered an Alternative Investment Fund, which can be read everywhere. And maybe there was a misunderstanding. We will explain everything.

Wojciech Orzechowski

The seed processor is also listed by the Polish Financial Supervision Authority

The world leader in the processing of oilseeds - Bunge Polska sp. Z oo with its seat in Kruszwica and Zakłady Tłuszczowe "Kruszwica" SA with its seat in Kruszwica - also made the list of warnings.

Reason? The KNF announcement states that the reason for entry on the list is the notification concerning the suspicion of committing a crime under Art. 178 in connection with joke. 69 sec. 2 point 6 of the Act on Trading in Financial Instruments, i.e. conducting activities in the field of trading in financial instruments without the required permit or authorization. The proceedings were initiated by the KNF Office and the case is being conducted by the District Prosecutor's Office in Warsaw.

Luten X LLC - a broker without regulation

In the case of the fourth entity, there is no longer any doubt. Luten X LLC (www.swiseinvest.com) is a company that can be classified as a "classic". The broker offers brokerage in investing in Forex, CFDs and cryptocurrencies. It is registered on the island of St. Vincent and the Grenadines, does not have any permits and licenses to conduct this type of activity in Poland. However, it can be suspected that she did it, the more that she has an active website in Polish all the time.

In the network, you can not see the opinions of customers or injured people, so it is difficult to say whether the broker is a fraud (but it cannot be ruled out). It is only certain that he does not have the required permits to operate in our country. And this is also the official reason for blacklisting, which is:

Notification under Art. 178 in connection with joke. 69 sec. 2 point 2 of the Act on Trading in Financial Instruments. The notification was submitted by the KNF Office.

We warn against using the services of unlicensed companies. Before opening an account, always make sure it is correct the broker has the appropriate regulations and permits at the indicated financial market supervisory institution.