Jan Werner at the material time he worked as a deputy under-bound investment broker BFC Capital, wh

Czech National Bank granted cd unprecedented fine of 1.3 miles. CZK bound representatives for violations of the Act on Undertaking on the Capital Market. What were the circumstances of the case? What are financial advisors cd avoid? And why dampened activity by BFC Capital, under which he was bound representative?
Jan Werner violated the Act on Undertaking on the Capital Market. According to the decision of the Czech National Bank has committed two offenses: an unfair main investment service pursuant to 4 para. 2 point. d) of the Act on Undertaking on the Capital Market. management of client assets if it is part of an investment instrument, at the sole discretion of the contractual agreement, in the period from 21 August 2008 to 4 May 2009 served to their own discretion guidelines to dealings in financial instruments cd on behalf and for the account ____._____ _ __________, customer securities trader _______ cd ________ _._.,
and provide customer ____ _____ __________, incomplete, false, misleading and deceptive information about the state of his trading, equity and profitability, respectively. losses, through the reports of 4 September 2008 and 13 February 2009, sent electronically from the e-mail addresses ______________ ____ ___ ___. ___ ___________ E-mail address _________ _ _______________.__.
So much says CNB's cd decision, which was Jan Werner sentenced to pay a fine of $ 1.3 mil. CZK costs and administrative proceedings cd for one thousand. CZK. A much more of a decision know. Jan Werner and fine from the CNB
Jan Werner at the material time he worked as a deputy under-bound investment broker BFC Capital, which facilitated trades for securities trader Capital Partners. He managed to get a very lucrative client (village Dolni Bojanovice), which through its invested about 1 mil. USD. Initially trading was carried out by default.
"There were meetings where we were at the request of the deputy mayor tried to find a solution, rather than sanctify every transaction," says Jan Werner. This solution should be to agree on specific steps in the event of certain developments in the market. The actual transaction Mr. Werner has already taken place without the explicit consent of the client, thereby exceeded its competence with the license tied agent.
Deputy Mayor Mrs. Eva Rajchmanová with which the agreement should happen, unfortunately, refused to comment on the matter, and the mayor Vlastimil Jansa, who also signed for municipal office in the relevant contract cd is the time to leave.
"This situation was solved with their superiors, which was my manager and branch manager. And we took it as it wishes. Eventually I realized that it's against the law, but even if it was the wish of the client, how he wants to lead communication, "said Jan Werner.
In any event, BFC Capital, under whose auspices of Mr. Werner worked, investigated Czech National Bank, according cd to his information was not. CNB on this issue with regard to confidentiality declined to comment. Get the representatives of the company also failed. The company has not operated an investment intermediary and is "in decline".
Mr. Werner completely denies cd the second point of allegations that he misrepresent the information transmitted to the client. "I've tried most simply explained by councilors situation where you buy a share that you will drop by 5% and by CNB automatically cd take it as a loss. But if I keep it and sell it, so I can not take a loss, "explains Jan Werner and adds:" In my opinion, this is how one interprets it. "
The CNB's decision to speak of a fine. Yet Mr. Werner already carrying cd a tied agent does not perform. According to records from the registers was still in the period from 2010 to 22. 4. 25. 5. 2010 registered company under BrokerTrade. CNB decision to impose a penalty but became untrustworthy person and as such must not undertake an activity tied agent.
"The short-term enrollment later John Werner as a tied agent was at the time is not yet the subject of the sanction decision final, due to which up to then Jan Werner became untrustworthy person. By now, Jan Werner in the list of tied agents does not figure, "the CNB to our inquiry.
The credibility of the CNB assesses cd according cd to a statement from May 21, 2010 as follows: "In assessing the conditions of credibility Czech National Bank shall respect in particular whether a person cd employed by a financial services provider in the past have not been convicted of a crime, whether incurred in connection with the exercise of profession, job, function cd or business was not officially sanctioned for administrative offense or liability for damages [...]. "According to the same material will be Mr. Werner untrustworthy person for a minimum of 10 years:" [...] which was in the last 10 years on a penalty for a misdemeanor or other administrative tort for breach of its legal obligations in connection with the performance cd of job functions or business in excess of 20 000 CZK [...]. "And it only for p foresees that it will not be the right