Patrik Enblad was the chief executive officer of the company and Mats Qviberg was chairman of the board of directors.

Losses were primarily related to the bank's derivatives trading, and since they vastly exceeded the bank's estimate of their portfolio's market risk (33 million SEK as of March 2010), this caught the attention of the Financial Supervisory Authority.

[citation needed] On 28 August 2010, the Financial Supervisory Authority in Sweden revoked HQ's banking licence, citing “major deficiencies” in trading operations, and applied to the Stockholm district court to have the bank to be forced into liquidation.

[6] Several board members were prosecuted for fraud,[1] but were acquitted and found not to have intentionally reported false values.

[3] HQ Bank filed for bankruptcy in December 2017 as it was unable to pay the SEK 240 million in legal fees for board members.