Turkish Regulator to Prosecute Four People Related to Özbey Financial

The Turkish regulator, the CMB (Capital Markets Board of Turkey), has announced that it has taken the decision to prosecute four people as a result of the investigation conducted into the operation of Özbey Financial.[gptAdvertisement]

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The bulletin published by the CMB revealed that it would pursue a criminal complaint against Fayik Özbey, Hüsrev Özbey, Hakan Özbey and Mesut Çelik, who were found to have carried out capital market operations without the consent of the board, in violation of the Capital Markets Law.

The applicable article of the Turkish law regarding this specific violation carries a sentence of between two to five years in jail.

Hüseyin Gürsöz, CEO of boutique software and solution provider Meta Technologies and expert on the Turkish market, commented on the situation: "Capital Board of Governors finalised the investigation about Fayik Özbey, Hüsrev Özbey, Hakan Özbey who are the owners and managers of the Özbey Financial Consulting. The subject of the investigation was providing a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term platform which is pretending to be a physical gold Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term platform. Some exchange offices claimed that they were shown false statements and big losses while they are thinking it is a non-leveraged physical gold exchange platform. Claim of losses are over 5 Million USD."

Back in March it was reported that the Turkish exchange Borsa Istanbul decided to cancel the trading authorization of Özbey Precious Metals and to end its membership. Sources in Turkey speculated at the time that it was due to illegal forex transactions executed by the bullion trading firm.