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24th October, 2018

Court convicts five in Buda-Cash case

The Municipal Court sentenced five people to seven years in prison, minus time already served, who were charged with embezzlement in the Buda-Cash case.

The court also issued confiscation orders and prohibited all five suspects from taking executive positions in companies for ten years.

Buda-Cash went into liquidation in 2015, after it came under investigation for suspected criminal activity.

Authorities made arrests after uncovering fraudulent activity at the brokerage going back more than a decade.

The MNB estimated investors losses at as much as Ft 100 billion.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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