The grey capital market is one of the phenomena, which are de facto and de jure hardly clarified. The author analyses the applicability of criminal provisions to different capital investments, especially under the aspect of a criminal culpability under the capital investment fraud provision (Section 264a German Criminal Code) and under the banking provisions (Section 54 German Banking Act - prohibited business, operating without licence). The criminal provision on capital investment fraud is controversially discussed. This book follows a normative approach trying to substantiate the highly controversial element of Section 264a German Criminal Code, the 'substantial element' in order to overcome uncertainties in the application.>
