Facts
PWM AG, a company based in Wollerau, offered so-called "Founder" packages, which included "Life Purpose-, Outdoor- and Experience-Seminars" and were linked to a participation certificate. The price for these packages ranged from CHF 8,000.-- to CHF 50,000.--. The Swiss Federal Banking Commission (EBK) received indications that PWM AG might be engaged in a licensed activity and appointed an investigating officer. Based on his report, the EBK found that PWM AG had violated the ban on the commercial acceptance of public funds and opened bankruptcy proceedings against the company.
[A.] , the sole or majority shareholder and economic beneficiary of PWM AG, filed an administrative appeal against the EBK's decision and requested that the decision be revoked, the EBK be ordered to refund the investigation costs it had unlawfully and arbitrarily seized, and the bankruptcy be revoked.
Considerations
The Federal Court examined the appeal and came to the conclusion that the EBK had lawfully issued the decision. PWM AG had violated the ban on the commercial acceptance of public funds by offering the "Founder" packages and issuing the associated participation certificates. The EBK therefore had the authority to open bankruptcy proceedings against the company.
The Federal Court also rejected the complaint that the EBK had acted as both an investigating and judicial authority in a conflict of…