Watchdog Shuts Down Falcon Pyramid Scheme in Hungary

  • 19 Dec 2023 8:18 AM
  • Hungary Matters
Watchdog Shuts Down Falcon Pyramid Scheme in Hungary
The National Bank of Hungary has blocked the websites of Falcon Kereskedőház and Falcon Benefit and frozen accounts used in a suspected pyramid scheme, the central bank and financial market regulator said.

Falcon sold “purchase vouchers” and “programme contracts” promising unrealistically high guaranteed yields to clients, collecting amounts “in the billions” from at least 4,400 investors, the NBH established in a probe.

The NBH fined the companies and one private individual a combined HUF 1.5bn for providing unlicensed financial services. It also filed a criminal report on suspicion of fraud, falsifying public documents and organising a pyramid scheme.

Some 2.3 billion forints in assets have been frozen on Falcon accounts.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

Explore More Reports

  • Powers of Tax Authority in Hungary to be Expanded via Magyar Call to Orbán?

    Powers of Tax Authority in Hungary to be Expanded via Magyar Call to Orbán?

    • 28 Apr 2026 6:16 AM

    Peter Magyar, the incoming prime minister, has called on the outgoing Orbán government to empower the country's tax and customs authority to suspend transfers of assets connected with suspected of money laundering for up to 90 days when the cabinet meets on Wednesday. He also demanded that the regulation be published the same day.

finance CHANNEL SPONSOR

Newsletter

get in & enjoy more!

XpatLoop’s newsletter contains a hand-picked selection of fresh news, special invitations, events, movies, and more.

I understand & accept the Privacy Policy