The National Bank of Hungary (MNB) imposed a fine on Atlantic & # 39; s Global Asset Management S.A. (Atlantic GAM) for $ 91 million and filed a criminal record against the unauthorized collection of repayable funds.
According to the central bank's Friday announcement, the company pledged a return of 4 to 6 percent on investment with a rental period of one year and an investment of EUR 90-500,000, and advertised it on the internet, affecting 22 countries. At the same time, however, it was not established during the course of the procedure that, in order to invest the client's assets, the company would actually trade all types of capital markets. The company is not included in the central bank administration, so it is not authorized to carry out a financial service that is subject to authorization or notification in Hungary.
In order to determine the amount of the fine, the MNB took into account that Atlantic GAM had seriously and repeatedly violated the law and had no personal, material or technical conditions to protect investors. It was an aggravating circumstance that they wrongly caused the appearance of legitimate business activities and did not comply with the information required by the central bank. As a result of the market surveillance procedure, the MNB imposed a fine of HUF 400,000 on a member of the Questra MLM system that announced the activity.
In its statement, the MNB also drew attention to the fact that the laws of offshore areas protect the interests of investors less and that the central bank can not act in the case of providers mentioned here. The MNB therefore recommends that these companies be inspected by customers in the central bank registers.