EnglishThe capital market watchdog has fined three employees of brokerage firm "Valmob Intermedia" of Piteşti with 2,500 lei each, after finding out, among other things, that its brokers have fraudulently used the funds of some of its customers.
"Following the investigation of the documents that were sent, it was found that SSIF "Valmob Intermedia" used the funds of some of its customers to cover the trades of others of its customers", the Ordinance of the Commission states.
The representatives of the CNVM have also discovered that the brokerage firm did not file the reports concerning derivatives trades within ten days after the end of the reporting month, as provided by the legislation in effect, and that it had operated without a lease contract for its agency of Târgovişte, for approximately five months, at the end of 2007 and the beginning of 2008.
The three representatives of "Valmob Intermedia" have contested against the fines levied by the CNVM, claiming that a warning would have sufficed, given the current economic difficulties, and the dramatic shrinking in turnover on the BSE. The representative of the brokerage firm of Piteşti also mentioned that the use of the money of its customers to cover the trades of other customers of the firm, were not done on purpose and represented just an isolated incident.
"Valmob Intermedia" holds the 51st spot in the chart of brokerage firms active on the Bucharest Stock Exchange in 2010, with a market share of 0.2%.
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