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Retail FX

Action against Retail Forex Fraud: Companies, Individuals to Pay $60M for Settlement

  • The primary defendant was criminally convicted last year and sentenced for 23 years.
  • The schemes defrauded more than 800 investors of about $80 million.
Thursday, 21/12/2023 | 04:30 GMT by Arnab Shome
Retail FX

CFTC Secures $102 Million Penalties in Highrise Advantage Forex Scandal

  • Court documents reveal that Highrise and Singh accumulated nearly $58 million from investors and feeder funds.
  • The CFTC initiated a civil enforcement action on September 9, 2020, against Singh, Highrise, and eight other defendants.
Wednesday, 20/12/2023 | 17:39 GMT by Tareq Sikder
CryptoCurrency

US Court Approves $2.7 Billion Settlement of Binance and Zhao with the CFTC

  • Zhao will personally pay $150 million, while Binance will come up with the rest.
  • The settlement was reached last month.
Tuesday, 19/12/2023 | 07:03 GMT by Arnab Shome
Retail FX

Retail Forex Deposits in US Experience Marginal Rise to $518 Million

  • October's data showed a slight rebound from September's lows.
  • Trading.com experienced the most significant percentage increase in the deposit's value.
Tuesday, 12/12/2023 | 09:20 GMT by Damian Chmiel
Retail FX

My Forex Funds Read the Fine Print: Did the CFTC File One Document Too Many?

  • The prop firm claims that an email submitted by the regulator to court proves they "knowingly included false information."
  • Finance Magnates reached out to the CFTC but hasn't received any comment.
Wednesday, 06/12/2023 | 15:48 GMT by Arnab Shome
Retail FX

Federal Court Drops $20 Million Fine on Ponzi Scheme Trader

  • The CFTC and the court fined Phillip Galles for conducting a fraudulent scheme.
  • Unfortunately, victims may not recover lost funds despite the ruling.
Thursday, 16/11/2023 | 12:27 GMT by Damian Chmiel
Retail FX

News Nuggets | 16 November: Fortex Integrates with StoneX; XS.com Appoints Country Manager

  • Wedbush Securities was fined $350,000; the SEC charged traders following a fraud valued at $1.5 million.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Thursday, 16/11/2023 | 11:17 GMT by Damian Chmiel
Retail FX

US Forex Brokers Hit a Snag as Q3 Closes with Deposit Drop

  • Gain Capital and Oanda are still the largest brokers in terms of deposits.
  • However, September's result was the weakest of the quarter.
Tuesday, 14/11/2023 | 20:00 GMT by Damian Chmiel
CryptoCurrency

CFTC Tightens the Cryptocurrency Screw: In FY23, 50% of Cases Were Crypto-Related.

  • 49% of all regulatory actions concerned the digital assets market.
  • As part of the whistleblower program, the CFTC paid out $16 million in a year.
Wednesday, 08/11/2023 | 11:52 GMT by Damian Chmiel
Retail FX

News Nuggets | 6 November: VT Markets Expands Team; eToro Implements New Tax Rules

  • Also, CFTC files fraud charges against FX operator; ASIC launches legal action against Telstra Super.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 06/11/2023 | 12:12 GMT by Damian Chmiel
Institutional FX

SEC Unveils New Rules to Boost Security-Based Swap Market Transparency

  • Entities that qualify as SBSEFs must apply for registration with the SEC.
  • The SEC seeks to align the new regulations with the CFTC.
Thursday, 02/11/2023 | 19:54 GMT by Jared Kirui
Retail FX

Breaking: My Forex Funds Questions CFTC’s Jurisdictions on Its Business

  • The defense lawyers filed a motion denying all allegations against the prop trading firm by the CFTC.
  • The motion stated transactions between MFF and its customers fall outside the scope of the regulator.
Wednesday, 01/11/2023 | 13:17 GMT by Arnab Shome
Retail FX

News Nuggets | 1 November: B2Core Adds cTrader; CFTC Pays This Year Mostly for Crypto Tips

  • Also, Komainu to boost institutional crypto services in Japan; FINRA announced the departure od Deputy Head of Enforcement.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Wednesday, 01/11/2023 | 11:27 GMT by Finance Magnates Staff
Retail FX

Soros-Backed Hedge Fund Manager Convicted in Forex Scandal

  • The accused now faces up to 10 years behind bars.
  • The defense argues that Phillips did not commit any wrongdoing and was implementing a legal trading strategy.
Thursday, 26/10/2023 | 07:38 GMT by Damian Chmiel
Institutional FX

CFTC Issues Advisory on Enforcement Resolutions

  • The CFTC has issued an advisory notice addressing key enforcement aspects.
  • The organization emphasizes reducing the recurrence of offenders.
Wednesday, 18/10/2023 | 11:56 GMT by Tareq Sikder
Retail FX

US Forex Brokers Report Increase in August Deposits to $525 Million

  • According to the CFTC, retail forex obligations in the US rose in the latest reported period.
  • Market share remained steady, with Gain Capital in the lead.
Tuesday, 17/10/2023 | 11:44 GMT by Damian Chmiel
CryptoCurrency

CFTC and FTC Take Ex-CEO of Bankrupt Voyager to Court for False Claims

  • The former CEO made many false claims to customers until it filed for bankruptcy.
  • The FTC already settled charges with the bankrupt company.
Friday, 13/10/2023 | 06:45 GMT by Arnab Shome
Retail FX

CFTC Takes Action against Alleged $5 Million Forex Scheme

  • The alleged forex scheme is reported to have operated from January 2020 to the present.
  • The CFTC is pursuing penalties, restitution, and a permanent injunction.
Monday, 09/10/2023 | 06:30 GMT by Tareq Sikder
Institutional FX

Modernizing Regulations: CFTC's Proposed Rule Amendments for Pool Operators

  • Significant changes are proposed for CFTC Regulation 4.7.
  • The CFTC opens a 60-day comment period for the proposed rule.
Tuesday, 03/10/2023 | 06:43 GMT by Tareq Sikder
CryptoCurrency

Crackdown on Crypto Continues: CFTC Busts Cryptobravos

  • CFTC files civil enforcement action against Cryptobravos in New Jersey Court.
  • It recognizes worldwide assistance in the Cryptobravos investigation.
Monday, 02/10/2023 | 07:40 GMT by Tareq Sikder
Institutional FX

SEC's $79 Million Crackdown: 10 Firms Hit with Recordkeeping Failures

  • The SEC charged the financial firms for alleged electronic communication failures.
  • The regulator discovered widespread off-channel communications within the companies.
Friday, 29/09/2023 | 20:52 GMT by Jared Kirui
Retail FX

News Nuggets | 28 September: NiceHash Exits UK; CFTC Awards Whistleblower over $300,000

  • Also, ASIC secures financial penalties for reporting failures; SEC charges for insider trading.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Thursday, 28/09/2023 | 08:44 GMT by Damian Chmiel
Retail FX

Exclusive: My Forex Funds Claims CFTC “Mischaracterized” Its Tax Payments to Freeze Assets

  • The prop trading firm filed a motion yesterday, seeking modification of the statutory restraining order.
  • My Forex Funds records show two pre-authorized payments of $27,000,000 CAD and $4,500,000 CAD, which the CFTC flagged.
Wednesday, 27/09/2023 | 19:02 GMT by Arnab Shome
Retail FX

CFTC Busts $3.4 Million FX and Binary Options Fraud

  • CFTC highlights Patrick Wonsey's lack of credentials.
  • Pool participant funds mismanaged as they were mixed with Wonsey's assets.
Wednesday, 27/09/2023 | 06:42 GMT by Tareq Sikder
Retail FX

Exclusive: My Forex Funds Claims It "Didn’t Defraud Traders"

  • The company shared with Finance Magnates the first detailed public comment, stating that the allegations are "grossly inaccurate".
  • Alex Spiro and team from Quinn Emanual retained to represent My Forex Funds against CFTC allegations.
Thursday, 21/09/2023 | 13:30 GMT by Arnab Shome
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