Regulation
Washington, D.C., July 15, 2011 – The Securities and Exchange Commission filed fraud charges Thursday against the CEO of a purported foreign currency trading firm, alleging he scammed hundreds of investors with false promises of high, fixed-rate returns while secretly using their money to fund his start-up alternative newspaper.
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NFA sanctions Capital Market Services $75,000 mainly for multiple platform outages
15
2011
National Futures Association (NFA) has imposed a monetary sanction of $75,000 against Capital Market Services LLC (CMS), a Futures Commission Merchant located in New York, New York. The Decision, issued by NFA’s Business Conduct Committee, is based on an NFA Complaint filed in May 2011 and a settlement offer submitted by CMS.
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CySec fine GIGFX and FXYard for showing operations out of Cyprus despite not being regulated
12
2011
CySec has just announced (it’s in Greek) that it had fined both GIFX and FXYard for stating that they operate out of Cyprus despite not being registered with the commission.
CySec fined GIGFX 5,000 euro because it intended to submit application to CIF.
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Apparently the HFSA (Hungarian FSA) issued the following statement regarding iForex – a pretty large retail forex broker operating in Europe and Middle East regions. After a thorough examination iForex was found violating many rules governing its operations. iForex’s forex license was …
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MIG Bank, a Swiss bank that will no longer be allowed to accept US clients after July 15th, has offered an alternative to their US clients. They have partnered with Penson Futures as their White Label partner in the US. …
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Swissquote/ACM too announces that it will no longer be able to accept retail forex traders come July 15th
4
2011
As you probably already know all foreign banks (including Swiss brokers Dukascopy, MIG and now Swissquote/ACM) are now closing down accounts of US traders. These traders will need to close down their positions before July 15th. This is the official announcement ACM …
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CFTC Charges Flint-McClung Capital LLC and Shawon McClung with Fraud and Misappropriation in $1.9M Forex Ponzi Scheme
1
2011
This is a second Forex Ponzi scheme halted by the CFTC after it charged Louis Giddens, Anthony Dutton and Michael Gomez with Fraud and Misappropriation in $1.4 Million in Forex Scheme yesterday. Washington, DC – The U. S. Commodity Futures Trading …
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CFTC Charges Louis Giddens, Anthony Dutton and Michael Gomez with Fraud and Misappropriation in $1.4 Million in Forex Scheme
30
2011
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of charges against two air traffic controllers, Louis J. Giddens, Jr. of Fayetteville, Ga., and Anthony W. Dutton of Peachtree City, Ga., as well as commodity …
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As July 15th is itching closer all foreign banks will have to stop accepting US clients. Largest of them all (in terms of US clients) was dbFX which decided to stop serving US retail forex clients and transferred some of …
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