The National Securities Commission (CNVM) in Romania has started an investigation at the brokerage firm WBS Romania, after information surfaced in the media that its founder and former shareholder Cristian Sima disappeared with clients' money. Sima was running WBS Holing, a company registered in the Virgin Islands, which was trading forex outside Romania. CNVM asked WBS Romania clients who believe they lost money to submit complains, but at the same time reminded that WBS Holding was not under CNVM's authority, as it was not authorized as a broker in Romania. The Commission will investigate the connection between WBS Romania and WBS Holding.

Daniel Daianu, former Finance Minister, is a client of both companies. “I am shocked by Sima's disappearance. […] I have accounts at both companies, because I was told it was the only way I could trade abroad. I invested because I was told the gains were small but certain. The account statements I received from the brokerage firm show I am in profit, but now I wonder whether the information is true,” he said, quoted by Ziarul Financiar.

Sima, the president and general manager of the Sibiu Stock Exchange – Sibex was dismissed from his position with Sibex earlier today (October 10 ) while Romanian media suggest Sima left the country at the end of September, taking some of his clients’ money with him. His dismissal from Sibex came as he had not showed up at work for an extended period and had been out of reach for several days.

The Police started an investigation after reading the information in the media.

Sima, the founder of WBS Romania and of WBS Holding brokerage firms, seems to have cut all contact with colleagues and friends since the beginning of October, according to Romanian media.

WBS Holding, the firm he owns and which is registered in the Virgin Islands, deals with transactions on international markets for its clients, who do not have access to their accounts to check whether their funds still exist. Local media suggest two possible explanations, quoting market sources: Sima either lost his clients’ money and left the country, or simply took the money upon leaving.

editor@romania-insider.com