* With what has happened at "Harinvest", the ASF is also analyzing the behavior of its own employees
* An employee of BCR has been fired in relation to the "Harinvest" case, and the bank has notified the authorities about the irregularities that were found
* Update 12:10: The ASF shuts down "Harinvest"
The ASF has levied harsh sanctions against "Harinvest", after discussing, in today's meeting, about the audit of the brokerage firm of Vâlcea, in November.
According to some sources, the ASF has withdrawn the license of "Harinvest" and has prohibited it on from operating on the stock market.
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The Board of the Financial Oversight Authority (ASF) has made its plan to issue a verdict and to take action this week, in the situation involving "Harinvest", the broker accused by clients of leaving them without stocks and money in their accounts, after it ran out of money to settle the trades involving structured products.
It would seem however, that the Authority will also review the activity of its executives in charge of the supervision activity, which wasn't exactly lacking in mistakes. As a result, tensions run high at the headquarters of the ASF.
The question on everybody's mind is how it was possible for "Harinvest" to resort to sell-outs for a year, without raising any red flags.
Just as it likes to say in its sanctions of market participants, the ASF "could have and should have" prevented a new "Sima" case.
According to some market sources, the ASF was repeatedly notified by the Bucharest Stock Exchange and the Central Depository, that "Harinvest" would frequently use sell-outs, operations which were supposed to be exceptional.
The fact that the Authority received false reports from "Harinvest", like some people say, represent extenuating circumstances for the former, but it doesn't excuse the fact
