Alarmingly the website of ABFX seems to be “under construction”. The Maltese regulator MFSA (Malta Financial Services Authority) has issued a press release outlining that an unregulated forex broker has been operating fraudulently claiming that it is licensed for providing investment services on the island. The entity has been operating under the names ABFX Ltd…
Read moreApparently the company’s website vanished since December, no sign of clients’ funds Cypriot regulator CySEC has issued a warning against FX Trident 365 LTD which is the company behind Trident FX, stating that the entity has never been regulated by the Commission. According to the press release they have never been authorized to provide investment…
Read moreOn the list: 4XP, BForex, GCI, InstaForex, Neto Trade, SunbirdFX... On Monday the French financial regulators The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) published an updated list of forex related websites that are not authorized to operate within French jurisdiction. The regulators have started compiling such…
Read morePreviously under the name David Weeks he has pulled off another scam costing him $1 mln The CFTC has reported that it has obtained $455,000 to compensate the customers of Cambridge Currency Partners, run by an individual named David Prescott. An additional civil monetary penalty of $1.35 mln is imposed in a federal court judgment.…
Read moreIs this payback for 4XP running "We're not in Cyprus" ads during the EU-Cyprus bailout crisis? Cyprus financial regulator CySEC has sent out a release warning investors against Forex Place Ltd (also known in the industry as 4XP), and their website www.4xp.com, stating that they are not and have never been licensed by CySEC. A…
Read moreUnclear what the CySEC warning against HFX is about, however. Cyprus financial regulator CySEC has sent out a release warning investors against HFX Global Ltd., and their website www.hfx.com. It is unclear, however, what the warning is about, and why it was issued. The CySEC warning just states that HFX is not and never was…
Read moreThis is not David Prescott's, aka David Weeks, first run-in with securities regulators. The CFTC has announced that the U.S. District Court for the Eastern District of Wisconsin issued an Order freezing the assets of David Prescott and his business Cambridge Currency Partners. A hearing on the matter is set to take place next week. The order…
Read moreCFTC orders those named to pay $1.8M, and imposes permanent trading ban. The CFTC has ordered Timothy Bailey of Monroe, North Carolina and Michael Hudspeth of Statesville, North Carolina along with their company, PMC Strategy, LLC (PMC), to pay over $1.8 million for solicitation fraud and misappropriation in connection with an FX ponzi scheme that…
Read moreCFTC orders those named to pay $750,000, and imposes permanent trading and registration bans. The CFTC has ordered Barry Sendach of Boca Raton, FL and Joshua Kershner of Boynton Beach, FL, and their Boca Raton-based company Forex Global Solutions to pay a $750,000 fine for fraudulently soliciting customers to trade FX, and for violating CFTC registration requirements.…
Read moreEU's new financial regulator clearly gearing up to tackle Forex issues.
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