* The CBVM has shut down "WBS România", because the company was not recording on its books the operations it conducted in the accounts it had abroad

* Inaccurate reports on the balances of the company's accounts

Cristian Sima will be restricted from operating on the local stock market for five years, after the investigation of the CNVM at WBS Romania has revealed serious irregularities in the company's activity, where the broker had served as president and CEO until April 26th, 2011.

The Romanian National Securities Commission has also withdrawn the license of WBS Româ-nia and issued sanctions similar to those filed against Sima, against the heads of WBS Romania, Anca Bunea and Dan Vătămanu.

Brânduşa Tănase, the representative of the internal audit department of WBS Româ-nia, was fined with 10,000 lei and was barred from the stock market for three years.

According to the Commission, the sanctions were implemented because WBS Romania did not record on its books bank operations conducted through the accounts it had opened with a foreign bank.

Failing to register certain operations conducted through foreign banks led to the reporting of inaccurate balances when it comes to the company's financial resources, and by default, the inaccuracy of the monthly, quarterly and annual financial statements sent by the brokerage firm to the CNVM which did not present the faithful and accurate snapshot of the company's financial situation, which is illegal, according to the CNVM.

The Commission also adds that this situation had perpetuated itself.

This means that the statements in question also resulted in misleading reportings concerning the risk adequacy of the company's capital.

According to the law, failing to record financial operations on the books represents tax evasion.

The CNVM also found that the signature specimen