MNB fines unauthorized investor HUF 275 mln

MNB

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) imposed a fine of HUF 275 million for the unauthorized collection of funds to be repaid by Attila U. and permanently prohibited its continuation, writes Világgazdaság.

Photo by Adriana Iacob/Shutterstock.com

The investigation confirmed the suspicion that Attila U. had received billions of funds from several Hungarian investors, referring to the resale of the products of Firefliesʼ international accommodation brokerage sales system to other persons.

He promised them a guaranteed return with an increased return of 18% in just 2-3 months.

In reality, however, Attila did not engage in any commercial activity with the sums transferred to him, but he temporarily effectively convinced investors that the promised transactions had indeed taken place.

The individual does not and did not have a central bank activity license to collect or accept deposits or other repayable funds, the economic daily adds.

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