“The regulator of the stock market included Eric Nyman’s Hug’s project in the list of fraudulent ones. What are the financier’s posts on Facebook for?”, — write: epravda.com.ua
On January 9, the National Commission for Securities and the Stock Market (NCSCFR) included the Hug’s project of the famous financier Eric Nyman in the list of fraudulent ones. With this decision, the regulator actually urged Ukrainians not to trust analysts with their investments. Nyman is a public financier who often comments on investment events for domestic media, and also blogs extensively on YouTube and Telegram. His project fell into disfavor with the NKCPFR not long after Nyman himself was at the epicenter of a scandal related to his posts on Facebook. What does Naiman think about the commission’s decision and how will it affect his business? What happened The hugs.ua site, which advertises Naiman’s courses, was recognized as a scam project and added to the relevant list on the website of the National Committee for National Statistics of Ukraine. There, the regulator records all companies and projects that it suspects of fraud and work without licenses and permits. Advertising: The National Commission regularly updates the register of scam projects, because it is often the only thing it can do to protect citizens from potential fraudulent schemes, the number which has been steadily increasing since the beginning of the great war. Read also: In words you are “the wolf of Wall Street”, but in practice you lose everything. How not to fall into the trap of pseudo-brokers? Hug’s site features Nyman’s blog in which he analyzes Western stock markets. You can also purchase informational courses of a financier there, in which he teaches Ukrainians how to invest correctly. The cost of courses ranges from UAH 250 to UAH 40,000. UAH.Advertisement: The site also offers “individual support for investor clients”, within which the company provides a personal mentor who helps make investments. The client of such a service must already have an account in securities abroad, in particular with such brokers as Interactive Brokers, Exante, Freedom Finance, etc. In addition, Nyman blogs on YouTube (62.6 thousand subscribers) and on Telegram (over 22 thousand subscribers). In its rationale, the National Commission notes that the Hug’s site provides investment and consulting services without appropriate permits and licenses. At the same time, the site uses the symbol of the company that has a license to operate on the stock market – LLC “Hags” (can provide brokerage services). The founder of the latter was indeed Eric Nyman, but in 2022 he had to formally withdraw from the ownership structure, because the financier still has Russian citizenship. “The above-mentioned activity on the website https://hugs.ua may have signs of unlicensed activity, since in the “Public Offer Agreement” the provider of these services is specified as “Spy” LLC, which did not receive any licenses necessary to carry out professional activities on the capital markets and organized markets on the territory of Ukraine,” the NKCPFR notes. Off the record, the interlocutors of the EP at the National Commission note that the real reason for adding Naiman’s project to the list of fraudulent ones was his posts on Facebook. “There were problems with his activities before, but after these posts, let’s say, we paid attention to them,” the interlocutor notes. On the morning of December 20, after a Russian missile attack on the center of Kyiv, he published a post on Facebook in which he actually advertised his investment services abroad, illustrating it with a photo of damaged buildings. “Bad Kyiv morning. Take care and diversify your assets. This is what real estate in the center of the capital looks like today. I repeat: you are taking a big risk if you keep all your assets in Ukraine,” he wrote. Later, Nyman deleted this post, however, as you know, “screenshots don’t burn”. Screenshot of Eric Nyman’s post after the Russian missile attack on the center of Kyiv on December 20, 2024. On the same day, Nyman wrote another post (as of January 9, the post has not been deleted), in which he called Ukraine an “investment concentration camp.” “If you have not yet realized that you are living in an investment concentration camp, where all tax rules, banking and currency regulations, actions of officials and even marketing are aimed at ensuring that everything you earn is spent here, then it is time to understand it already. They are simply fooling you,” the financier wrote. Another post by Naiman, in which he called Ukraine an “investment concentration camp.” Such sharp criticism is probably related to the decision of the National Securities Commission to limit one of the most popular schemes for withdrawing capital abroad. A day before Nyman wrote his posts, the EP reported that the regulator plans to ban the withdrawal of funds abroad using US “treasuries”. Read also: Ukrainians circumvent NBU currency restrictions with the help of the US government. The regulator’s reaction Even earlier, the National Bank introduced strict restrictions on money transfers between bank accounts, “encouraging” banks to voluntarily sign the relevant memorandum. What Naiman says The EP asked Eric Naiman to comment on the commission’s decision. The financier noted that he received a letter from the regulator with a request to provide answers to a number of questions and to “clarify the circumstances.” And his lawyers are already working on providing such answers. “We received a request yesterday (January 8 – EP) and it says to respond within five days. I wonder why the Commission made a decision before receiving the answers?” Naiman wonders. He rejects the National Commission’s accusation that the hugs.ua site provides services without obtaining a license. “These are information courses. If informing people about what is happening is a scam, then I will ask the commission to explain why they motivated their decision. I also have a question when the funds of thousands of Freedom Finance depositors will be unfrozen. Now there are many people vlogging and talking about the American stock market, for example. Do you need to get a commission license for such activities?” – said the financier. Read also: Inactivity or criminal intent? How the NCCPFR neglects the interests of Ukrainians in favor of a sanctioned Russian. The EP also asked whether Naiman considers the actions of the regulator “revenge” for the analyst’s posts on social networks. “If they have questions about this, then let them address them to me. What is Spy LLC doing here? There are no signs, grounds or justifications for such a decision, while a subject of authority should avoid making unmotivated decisions.” , – Nayman added, noting that he has no formal relationship with this company.