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World

Investors in failed Hungarian brokerage demand full compensation from government

Associated Press
Published | Updated
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    Investors affected by the bankruptcy of Quaestor Group, a Hungarian private company, protest against an apparent fraud of the firm and demand total compensation of their losses in front of an office of the company in downtown Budapest, Hungary, Saturday, April 11, 2015. Some 400 investors protested outside an office of the Quaestor brokerage, supervised since last month by the National Bank of Hungary after being suspected of issuing some 150 billion forints (505 million euros, US $535 million) in unauthorized bonds. The sign at left demands "100 percent compensation". (AP Photo/MTI, Zsolt Szigetvary) (The Associated Press)

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    Holding placards, investors affected by the bankruptcy of Quaestor Group, a Hungarian private company, protest against an apparent fraud of the firm and demand total compensation in front of an office of the company in Budapest, Hungary, Saturday, April 11, 2015. Some 400 investors protested outside an office of the Quaestor brokerage, supervised since last month by the National Bank of Hungary after being suspected of issuing some 150 billion forints (505 million euros, US $535 million) in unauthorized bonds. The inscription of the placard at center demands "Total compensation for the victims of the Quaestor's fraud", and the placard at rear shows caricatures of main owner of Quaestor Csaba Tarsoly, left, and Hungarian Prime Minister Viktor Orban. (AP Photo/MTI, Zsolt Szigetvary) (The Associated Press)

  • 56bb7c85-
    Image 3 of 3

    Holding placards, investors affected by the bankruptcy of Quaestor Group, a Hungarian private company, protest against an apparent fraud of the firm and demand total compensation of their losses in front of an office of the company in downtown Budapest, Hungary, Saturday, April 11, 2015. Some 400 investors protested outside an office of the Quaestor brokerage, supervised since last month by the National Bank of Hungary after being suspected of issuing some 150 billion forints (505 million euros, US $535 million) in unauthorized bonds. The inscription of the placard at center reads "Fictitious bond - Fictitious bond - Fictitious financial certainty - Fictitious legal certainty - Fictitious future?" (AP Photo/MTI, Zsolt Szigetvary) (The Associated Press)

BUDAPEST, Hungary – Hundreds of people who invested in a collapsed brokerage in Hungary are demanding the government compensate fully for their losses.

Some 400 investors protested Saturday outside an office of the Quaestor brokerage, supervised since last month by the National Bank of Hungary after it was suspected of issuing some 150 billion forints (505 million euros, $535 million) in unauthorized bonds.

The investors say the government failed to protect their money because of lax financial oversight.

The governing Fidesz party has proposed raising the maximum compensation amount from 20,000 euros to 100,000 euros per investor. But Prime Minister Viktor Orban said the banking sector, which would have to provide the extra funds, needed to be consulted first.

Protester Istvan Kalman-Piko said he and others were "close to a nervous breakdown."

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