Financial market fines rise sharply

Telco

The total amount of fines levied for financial market violations has dramatically increased since the Hungarian central bank began overseeing the market from preceding watchdog PSZAF in October of 2013, Hungarian business daily Napi Gazdaság reported today.

Fines levied for violations in 2014 Q4 alone by the National Bank of Hungary (MNB) reached HUF 584 mln, while PSZAF levied HUF 556 mln from January-October in 2013, the paper noted. MNB levied a total of HUF 3.17 bln in fines throughout all of last year, including HUF 1.64 bln on the basis of broad financial market probes and HUF 1.25 bln in the case of Fortress Holdings, a company that defrauded investors out of billions of forints in a crime of unprecedented scale in Hungary's financial market.

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