FCA reports some client funds missing in Liquid Markets bankruptcy LeapRate

February 03, 2015 BY Maria Nikolova

FCA reports some client funds missing in Liquid Markets bankruptcy

The Financial Conduct Authority (FCA), the UK watchdog responsible for the supervision of investment companies, earlier today issued its official stance on the situation at Liquid Markets, the broker that stopped operations in the aftermath of Black Thursday. While the bulk of the information that the regulator provides in this FAQ-like announcement may seem trivial…

April 19, 2013 BY Gerald Segal

LeapRate FX Fraud Watch – InovaTrade and Michael Alcocer

CFTC fines Alcocer and InovaTrade more than $38 million and permanently bans them. The CFTC has received a federal court order requiring Michael Alcocer and his company InovaTrade to pay a fine of more than $38 million. Alcocer (as well as his company) was also permanently banned from trading or registration with the CFTC. Not much is…

April 09, 2013 BY Gerald Segal

LeapRate FX Fraud Watch – Whileon Chay and 4X Solutions charged with $4.8M Ponzi Scheme

CFTC charges Whileon Shay and 4X Solutions with using client funds to pay personal expenses, luxury resorts, expensive restaurants, exotic car rentals... The CFTC has charged New York based 4X Solutions, Inc. and its principal Whileon Chay with fraud claiming they were running a $4.8 million FX trading Ponzi scheme. The CFTC complaint alleges that Chay and…

March 28, 2013 BY Gerald Segal

LeapRate FX Fraud Watch – $3.2 million fine to Victor Yu and VFRS

Claimed its software had shown positive returns on every trade it ever made. Did people actually believe that??? The CFTC has fined California-based Victor Yu his company VFRS a total of $3.2 million in a foreign currency fraud action. The order finds that Yu and VFRS misrepresented that they had developed trading software that made forex…

March 20, 2013 BY Gerald Segal

LeapRate FX Fraud Watch – $57 million (!!) fine to Mexico broker MBFX

CFTC fines MXBK Group and its MBFX subsidiary for defrauding U.S. Forex customers. The CFTC has handed out one of its largest ever fines -- a $57 million whopper -- to Mexico-based MXBK Group and its FX brokerage subsidiary MBFX. The order found that MXBK and MBFX accepted at least $28 million from more than…

March 18, 2013 BY Gerald Segal

LeapRate FX Fraud Watch – Nicholas Trimble, Capstone FX, and Beekeepers Fund

CFTC sets $3.5 million in fines, Trimble used client money to gamble in Vegas. The CFTC has fined Colorado-based Nicholas Trimble and his two companies Capstone FX Quantitative Analysis Inc. and Beekeepers Fund Capital Management LLC a total of $3.5 million in a foreign currency fraud action. The order also permanently bans Trimble from engaging in any…

July 11, 2012 BY Gerald Segal

Tag: missing client funds