quaestor group

Founded in 1990, Quaestor Group grew to become one of Hungary's largest independent brokerage firms. The group offered a wide range of financial services, including securities trading, asset management, corporate finance, and real estate investment. Its business model heavily relied on issuing and selling its own corporate bonds to retail investors, promising high returns. The company collapsed abruptly in March 2015 after it was discovered that it had issued approximately 150 billion forints (~€500 million) worth of unauthorized bonds, operating what regulators described as a Ponzi scheme. The collapse led to significant investor losses, criminal investigations, and the arrest of its top executives.