FNG has learned that the management and shareholders of Swiss neobank/neobroker FlowBank are planning on taking legal action against the country’s financial regulator FINMA, to oppose the forced bankruptcy and liquidation of the company. Two weeks ago, FINMA announced that it was removing FlowBank’s bank license and effectively shutting down the company, stating that FlowBank no longer had the minimum capital required for its business operations, with fears that the bank is over-indebted. FlowBank’s controlling shareholders, led by founder and CEO Charles-Henri Sabet, have apparently engaged the services of Thomas ... (full story)