In February, Ursache said that Harinvest clients who lost their funds should get part of the money back via Investors’ Compensation Fund, which has a threshold of EUR 20,000 for each person. Nevertheless, clients who lost more than EUR20,000 will have to recover their money in court.
According to estimations, Harinvest clients lost approximately 20 million lei (EUR4.44 million), out of which RON10 million between November 13 and 15, 2013.
According to the report in Harinvest case, the brokerage firm’s broker Maria Voinea allegedly sold the shares of 48 clients last year to cover losses resulted from trading high risk structured products. The company’s broker was supported by Banca Comerciala Romana and brokerage firm SSIF Broker in performing fraudulent deals.
Voinea allegedly used false documents showing that her clients agreed on carrying out special sell-out transactions.
By March 12, ASF received 48 petitions from former Harinvest clients.
“We cannot establish the exact amount yet, as we are talking about sums claimed by the persons (according to own calculations) and not amounts certainly established,” ASF told Mediafax in a statement.
ASF decided Monday to notify the organized crime investigation unit DIICOT on market manipulation by a former BCR broker and on suspicions related to three employees of the bank, and gave a RON10,000 fine to the general manager of the Central Depository and a RON7,000 fine to four SSIF Broker employees, in Harinvest case.
Following the Harinvest scandal started in November 2013, BCR fired one of its brokers.
At mid-December, Harinvest was fined and closed down by the financial regulators, while the people involved in the transaction were also fined and not allowed to work on this market segment for three to five years.
In 2013, Harinvest brokered RON325.5 million transactions, ranking 13th among Bucharest stock exchange brokers, with a 1.2% market share. (EUR1=RON4.4949)