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Interviews

“Scammers Are Stealing Business from Companies”: FXStreet’s Co-CEO

  • Finance Magnates discussed the rampant problem of scams in the retail trading industry with Pere Monguió Montells.
  • Watch the full video interview below.
Monday, 29/07/2024 | 07:41 GMT by Yam Yehoshua
Retail FX

Court Dates Fixed: Finfluencers Face FCA Trial for Unauthorized Forex Scheme

  • Nine individuals are charged by the FCA for promoting unauthorized forex schemes on social media.
  • Trial dates are set for February 2027, one plea hearing in September 2024.
Thursday, 11/07/2024 | 16:33 GMT by Tareq Sikder
Retail FX

Fake Celebrity Ads for Crypto and FX Trading Scams Catch Kiwi Regulator’s Attention

  • Scammers are running sophisticated fake celebrity endorsements to promote fraudulent schemes.
  • A neighbouring Aussie regulator has also issued a similar warning recently.
Monday, 13/05/2024 | 06:36 GMT by Arnab Shome
Retail FX

Telegram, WhatsApp Lead On the Number of Traders Who Lose Money to Scams: Survey

  • A joint survey by Finance Magnates and FXStreet found 60.09 percent of traders that fell victim to scams on Telegram lost funds.
  • The presence of active traders on Telegram makes it vulnerable to scams.
Thursday, 14/03/2024 | 11:31 GMT by Arnab Shome
Retail FX

‘Want to Be My Valentine?’: CFTC Sounds Alarm on Romance Scams

  • The regulator asked dating and messaging apps and social media users to be wary of any messages from strangers promoting crypto or FX.
  • Scammers build an aura of relationships for weeks before pitching fraudulent schemes.
Thursday, 08/02/2024 | 08:30 GMT by Arnab Shome
Retail FX

Tradewale's Deceptive Forex Scheme Ends in $2.8M Fine

  • The court penalizes the company and its founder for false FX fund claims.
  • Scammers promised unrealistic profits using artificial intelligence.
Thursday, 28/12/2023 | 15:56 GMT by Damian Chmiel
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
Retail FX

Exploiting Online Platforms: EBC Warns against Impersonators

  • The firm offers the official mobile application developed by MetaQuotes and does not offer any in-house alternatives.
  • The UK entity does not grant authorization for providing investment recommendations.
Thursday, 23/11/2023 | 10:46 GMT by Tareq Sikder
Retail FX

Hundreds of Polish FX and Crypto Traders Lose Millions in "Fool Me Twice" Fraud Scheme

  • Polish authorities uncovered a fraudulent recovery scam duping FX and crypto investors.
  • Several hundred people might have lost over PLN 9 million.
Thursday, 23/11/2023 | 09:44 GMT by Damian Chmiel
Retail FX

Investors Sue Owners of Defunct Broker FxWinning for $28M, Allege Fraud

  • One of the firm's websites, fxwinning.net, ceased operation in late June.
  • FxWinning lists UBS, Citi and Barclays as some of its liquidity suppliers.
Wednesday, 02/08/2023 | 17:08 GMT by Solomon Oladipupo
Retail FX

French Regulators Blacklist 14 Illegal Forex Trading Platforms

  • The AMF recently warned investors against illegal automated trading robots.
  • The UK's financial regulator flagged a clone of Interactive Brokers on Friday.
Friday, 07/07/2023 | 17:53 GMT by Solomon Oladipupo
Retail FX

24HR Trading Academy Victims Lost £1.3M; Court Approves £106K Refund

  • Only investors with losses above £500 are to be paid.
  • The FCA initiated a case against Mohammed Maricar, the scheme operator, in April 2020.
Wednesday, 17/05/2023 | 14:38 GMT by Solomon Oladipupo
Retail FX

FCA to Compensate 24HR Trading Academy Victims

  • The scheme operator had to declare bankruptcy after failing to pay the penalty.
  • The FCA initially brought the case against Mohammed Maricar in April 2020.
Friday, 24/02/2023 | 10:58 GMT by Arnab Shome
Retail FX

SEC Busts $4.3 Million FX Ponzi Schemes

  • The two schemes, Avail Progression and Elite Generators, dupped over 100 investors.
  • The operator of the schemes did not invest any proceeds.
Monday, 19/12/2022 | 06:19 GMT by Arnab Shome
Retail FX

Aussie Police Charge 4 Chinese Men in an AU$100M FX/Crypto Scam

  • The four defendants registered companies in Australia and opened bank accounts for money laundering.
  • Most of the victims of the scam are in the United States.
Friday, 09/12/2022 | 11:52 GMT by Arnab Shome
Retail FX

Thailand Seeks Extradition of 2 Foreigners for Forex-3D Scam

  • They were among the 16 suspects in the scam.
  • The suspects even involved famous Thai celebrities.
Friday, 11/11/2022 | 08:36 GMT by Arnab Shome
Retail FX

Ztegrity to Pay over $940K for FX Pool Trading Fraud

  • The operators touted the scheme to be better than savings deposits with low or zero risks.
  • It offered a guaranteed repayment.
Wednesday, 12/10/2022 | 06:23 GMT by Arnab Shome
Thought Leaders

How sophisticated fintech upgrades can lead to financial scams and trading fraud

  • How do you minimize your risk of being scammed?
Thursday, 06/10/2022 | 12:34 GMT by FM
Retail FX

US Men Pled Guilty to $30 Million Forex Scam

  • They fabricated massive trading losses to swindle the investors’ funds.
  • They routed the funds through shell companies to hide traces.
Monday, 26/09/2022 | 09:00 GMT by Arnab Shome
Retail FX

Popular Thai YouTuber Swindles $55 Million in Forex Trading Scam

  • She defrauded more than 6,000 investors.
  • She last appeared in an Instagram video in May.
Wednesday, 31/08/2022 | 11:17 GMT by Arnab Shome
Retail FX

UK Court Closes Down Genesis11, Says Online Broker Is Unregulated

  • At least seven investors lost £263,000.
  • The Official Receiver of the Public Interest Unit has been appointed as the liquidator.
Monday, 18/07/2022 | 14:35 GMT by Solomon Oladipupo
Retail FX

Latvian and Lithuanian Authorities Detain 108 People over Call Center Scam

  • The fraudsters were running fake financial investment schemes.
  • Europol and Eurojust also supported the operation.
Friday, 01/04/2022 | 10:52 GMT by Bilal Jafar
Institutional FX

French Authorities Blacklist Nine Websites, Warn against Fake FX, Crypto Dealers

  • AMF, ACPR fingered eight FX, one crypto derivatives unauthorized sites.
  • They urged citizens to consult the register of authorized investment service providers.
Thursday, 31/03/2022 | 06:43 GMT by Solomon Oladipupo
Retail FX

Four Arrested, 50 Detained in Israeli Police Forex Raid

  • Nazareth offices raided
  • Call centre targeted the Gulf States
Wednesday, 12/01/2022 | 16:53 GMT by Finance Magnates Staff
Retail FX

CFTC Charges Thomas Plaut and His Firms for $4.7M Forex Fraud

  • The two companies misappropriated at least $4.7 million of client deposits.
  • They also ignored the CFTC registration requirements and customer protection rules.
Wednesday, 29/12/2021 | 07:17 GMT by Arnab Shome
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