Romanian broker reportedly disappears with customers money.

By bne IntelliNews October 12, 2012
Romanian broker Cristian Sima, who has been operating two WBS brokerage firms in the country, has reportedly disappeared with his customers money, according to a report in daily Ziarul Financiar that confirms rumours, which have been circulating from early this week. The value of the losses cannot be estimated yet since Simas customers mainly high profile businessmen and showmen, have avoided disclosing their accounts with WBSs two firms - WBS Holding and WBS Romania. The Romanian securities commission, CNVM, has started investigations on WBS Romania, which is licensed to trade on both the Sibiu and the Bucharest stock exchanges. Yet, most of the money is reportedly transferred to WBS Holding registered in the British Virgin Islands. Sima was CEO of Romanian derivative market Sibex at Sibiu until last week. Apart from the Sibiu derivative market, he was also operating on foreign markets.

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