Facts
The WIN+WEG Genossenschaft (WWG) was founded on 2 October 2004 in Biel. Its purpose is to provide its members with a platform for cashless and interest-free compensation of services, to finance real estate projects, and to promote the economic independence of its members based on the 'ethical' economic system developed by its president and director, X. The WWG has around 330 members and 750 people are registered on its online compensation platform EUROWEG.
The WWG opened a compensation account in fictional currency (WEG-Euro) and a deposit account in real euros for its members. Members can exchange services and record them on their compensation accounts. The WWG also collected funds from its members in the form of 'additional share capital' with a promise of a 25% return per year.
The Eidgenössische Bankenkommission (EBK) launched an investigation into the WWG's activities in July 2005, after receiving a report from the Zurich cantonal police. The EBK appointed two lawyers as investigators and prohibited the WWG from accepting public deposits on a professional basis in Switzerland or operating as a branch, representation, or agency of the Yesilada Bank in Cyprus.
On 24 November 2005, the EBK found that the WWG had violated the ban on accepting public deposits on a professional basis and had wrongly used the term 'bank' in its advertising. The EBK opened the bankruptcy proceedings of the WWG and appointed the investigators as liquidators.
Considerations
The Federal Court examined the EBK's decision to open the bankruptcy proceedings of the WWG. It found that the EBK had the authority to take measures against the WWG, as it had violated the ban on accepting public deposits on a professional basis.
The Federal Court…