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MNB fines financial firms HUF 297 mln

Deals

Jessica Fejos

U.S.-based IDW Consulting LLC and offshore units of Goldstein Brokers have been fined a combined HUF 258 million by the National Bank of Hungary (MNB) on charges of conducting unlicensed sales of securities, the central bank announced today.

Goldstein Equitas, one unit of Goldstein Brokers, has also been fined an additional HUF 39 mln for providing investment services without a license, Hungarian news agency MTI reported.

According to the central bank, all three companies have carried out serious reported violations, as well as failing to provide conditions for investor protection and displaying malicious behavior, the announcement says.

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