CNMV imposes a 20,000 million Pesetas fine on a shady company

The National Securities Market Commission (CNMV, according to its initials in Spanish) is determined to put an end to illegal practices in the stock market and has proved it this week with actions: according to El Mundo, it imposed a 19,686 million Pesetas fine on Transworld Financial Services for investing in the financial market without an official license.

Moreover, it imposed a 50 million Pesetas fine on the manager and the company representative. The value of the sanctions was calculated taking into account the capital gains which the company could have obtained, amounting to almost 4,000 million Pesetas.

Transworld and its manager had already been fined in 1