Tag: Forex Scam

December 20, 2016 BY admin

CFTC charges Arizona man in connection with $1.5M forex trading ponzi-style scheme

The U.S. Commodity Futures Trading Commission (CFTC) filed a civil anti-fraud enforcement action in the U.S. District Court for the District of Arizona, charging Defendants Derek Springfield and his company, Draven, LLC (Draven), both of Mesa, Arizona, with engaging in fraudulent sales practices, providing false account statements to commodity pool participants, and misappropriating pool participants’ funds. In its Complaint,…

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November 28, 2016 BY Valentina Kirilova

Ukraine's SBU stops a Forex scam firm funding terrorist organizations

Ukraine's special-purpose law-enforcement agency and main government security agency, the Security Service of Ukraine (SBU), has just announced that has stopped the activity of a group of swindlers, who participated in illegal financial scams under the dealerships of a Forex firm (no names have been shared yet). According to Ukrayinska Pravda news, fraudsters have been…

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CySEC issues another impersonators scam warning
November 17, 2016 BY LeapRate Staff

CySEC warns against more impersonators trying to scam money from investors

Cyprus financial regulator CySEC has issued another warning against impersonators trying to use CySEC credentials in order to scam money from traders and investors. We had reported on previous such warnings on several occasions. Most recently in October, CySEC reported that it became aware of an unknown company based in the Caribbean which was presenting itself as…

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November 07, 2016 BY admin

Dubai Forex investment scam has duped investors seeking private investigator

The National, a UAE English news source reported today of an FX trading investment scam proposing returns up to 120%. It is believed that more than 6,000 investors deposited about US$300 million (Dh1.1 billion) to the perpetrators. Specifically, investors say they have lost millions of dirhams in a Dubai Forex scam and have now turned…

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June 15, 2016 BY LeapRate Staff

FCA issues warning against unregulated Forex broker TFX Traders

UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated retail forex broker targeting UK clients, this time regarding TFX Traders operating from website tfxtraders.com. On its website TFX shows that it has offices at 20 Primrose Street, London EC2A 2EW. The FCA warned consumers that TFX Traders is not authorised or licensed by…

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May 04, 2016 BY Maria Nikolova

South Africa's FSB warns against FX firm TradingBanks

South Africa's Financial Services Board (FSB) has issued a public warning against conducting financial services business with TradingBanks, an offshore FX firm, purporting to be a registered entity. The regulator notes that TradingBanks is not authorised to render financial services in South Africa and is not a representative of an authorised financial services provider as…

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April 19, 2016 BY Maria Nikolova

UK regulator warns against FX broker Explore Markets Limited

The Financial Conduct Authority (FCA) has recently notified the public of a rise in complaints against Forex trading and brokerage firms, with the situation seeing little change since this announcement was made in January this year. The pile of warnings issued against unauthorized Forex and binary options brokers in the UK keeps growing, with the latest…

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April 04, 2016 BY Mike Fox

Japan authorities set to freeze duos assets over multibillion yen FX trading scam

The Japan Times reported today that the Nagoya District Public Prosecutor’s Office is set to seek a court order to freeze the assets of two individuals accused in a multibillion-yen forex investment fraud case, informed sources told the paper Monday. Nagoya is the center city of Japan's third-largest metropolitan region. The pair, including a man named Masaaki Ito, 48,…

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