The Dutch Central Bank issued two fines for banking law violations on 25 September 2012. Zeuven Meeren Hotelfonds B.V. was fined EUR 200,000 and J.S Jacobs, as de facto director of Hypothecaire Vastgoed Obligaties 2 (HVO2), was fined EUR 150,000 for illegally conducting banking activities. They did this by raising funds outside a closed circle and from parties other than professional market parties, according to the Dutch Central Bank. The funds were raised by issuing bonds and were subsequently invested in other real estate entities not belonging to their groups. Neither company had a banking licence issued by the Dutch Central Bank. This was the first time that the Dutch Central Bank imposed such a high fine on an individual.