February 21, 2014 BY Gerald Segal

CFTC on the move: revoking registration of two forex related fraudsters

Veruus Wealth Management registration suspended, Arista LLC and Abdul Walji are next According to a CFTC press release the regulator has revoked registration of Colorado-based forex company Veruus Wealth Management LLC as it confirmed that the company engaged in civil theft and conversion of investments in a managed forex trading account. A Denver court has…

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February 20, 2014 BY Gerald Segal

AvaTrade launches Hush Trade premium education site

The goal: more profitable traders and increased revenue per client Leading Ireland-based forex broker AvaTrade, a member of LeapRate's list of approved FX firms, has announced the launch of its new website www.hushtrade.com. The project is aiming to introduce educational content for existing and novice traders related to the various quirks of the financial markets.…

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February 20, 2014 BY Gerald Segal

CFTC to repeal registration of Introducing Broker iFinix Futures

The regulatory action comes as the company failed to maintain adequate capital and tried to cover it up New York based independent introducing brokerage iFinix Futures is in trouble after the latest press release by the US CFTC details that the regulator is looking to suspend the firm’s license. The company has already been fined…

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February 20, 2014 BY Gerald Segal

More forex trader suspensions, this time at RBS

FCA unlikely to go public with its investigation findings before 2015 The Royal Bank of Scotland has announced the suspension of yet another forex trader and unsurprisingly, it is most likely related to the ongoing 4 pm fix investigation. The FX fixings scandal that has engulfed the forex market in recent months is taking another…

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February 20, 2014 BY Gerald Segal

LeapRate Forex Fraud Watch – Ron McCullough and David Mayhew charged for misappropriating $1.6 million

Fraudsters solicited $2.3 million for forex trading from 11 individuals The CFTC has issued a press release detailing their latest enforcement action against Ron Earl McCullough and David Christopher Mayhew. The complaint filed by the regulator alleges that both have fraudulently solicited about $2.3 million from 11 investors and have subsequently misappropriated $1.6 million of…

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February 20, 2014 BY Gerald Segal

Hopes for Bitcoin withdrawals from Mt Gox dashed to pieces

Bitcoin prices on the Japanese exchange are diving to $140 as the promised update by Thursday is delayed We hope that you haven’t been amongst those unfortunate souls that were waiting for the promised announcement of Mt Gox related to the suspended withdrawals from the exchange. Unfortunately the news aren’t any good. The company has…

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February 20, 2014 BY Gerald Segal

Malta’s MFSA calls out ABFX for claiming it is regulated

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…

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February 20, 2014 BY Gerald Segal

Saxo launches futures spread trading

The new tool offering is appealing for longer term trend traders, eliminates roll-over charges Leading European forex and CFD brokerage Saxo Bank has announced that is expanding its offerings with an exotic product – futures spread trading. Starting this week the clients of the firm will be able to trade futures spreads on a variety…

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February 20, 2014 BY Gerald Segal

Plus500 shares rise 28% after preliminary results for 2013

New campaign for increasing brand awareness could put pressure on costs in the short term The preliminary report for 2013 that the publicly listed CFD broker Plus500 (LON:PLUS) has released yesterday, have caused quite a dramatic share prices spike in London trading. The main points that we already outlined were the revenue doubling over 2012 (even…

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