“CNVM has finalized its evaluation of SSIF Broker SA and decided on sanctions in the form of a fine and interdictions for guilty persons. Furthermore, the company has been sanctioned according to Art. 276, point a, of the Capital Market Law. Because the company is listed, CNVM further decided to suspend its trading for two consecutive sessions, as of 14 April, in order to inform investors about the results of the evaluation.
According to the article quoted by CNVM, Broker Cluj will receive a fine of between 0.5-5 percent of subscribed share capital, based on the severity of the deed, with the fine to reach RON 0.724-7.24 million. Petru Prunea, General Manager and former Chairman of its Board of Directors, was also sanctioned.
Broker Cluj is one of the largest brokerage firms on the market, with over 10,000 clients and 15,000 shareholders. Last year, the firm was 9th top broker on the Stock Exchange, with transactions worth €175.1 million, dropping to 10th place at the beginning of this year, with trading at RON 57 million.
