Video: Hungary's Brokerage Scandal, Thousands May Lose Life-Savings

  • 8 Apr 2015 9:00 AM
Video: Hungary's Brokerage Scandal, Thousands May Lose Life-Savings
Hungary’s National Bank is still trying to estimate the fallout from its seizure of brokerage firm Quaestor. The company was shut down this week, the third security and investment firm to have its activities suspended within weeks. Investigators believe it may have invested scores of billions of euros more in bonds than it was allowed to under its bond insurance programme.

Earlier this month, the central bank revoked the licence of Buda-Cash and four small banks linked to it, saying the brokerage could not account for about 340 million euros of client cash.

Thousands of people may be affected. Last week, the National Bank of Hungary also revoked the licence of a smaller brokerage: Hungária Securities.

Read more at the source: Euronews.com

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