At a hearing at the City of Westminster Magistrates’ Court today, Phillip Harold Boakes, the mastermind of a vast-scale Ponzi scheme that defrauded investors of more than £3.5 million, got a 730-days prison sentence, the reason being his failure to pay a confiscation order. The new prison sentence is in addition to the term of…
Read moreChilean FX broker IM Forex has been shut down and its website (www.imforex.cl/) taken down amid a police investigation into the activities of the Forex firm. Before the website of the company went inactive, the broker had posted a brief announcement (which you can view below) saying it is co-operating with investigators. According to a…
Read moreContinuing our coverage of the arrest of Utrade owner and longtime retail forex entrepreneur Aviv Talmor, Israel business site Calcalist is reporting that Talmor has been remanded to seven days House Arrest, a common tactic in Israel for non-violent offenders facing criminal charges. As reported on LeapRate, Aviv Talmor was originally taken into custody last…
Read moreAviv Talmor is suspected of fraud, running a Ponzi scheme, money laundering and managing investment portfolios without a license.
Read moreLast Thursday it was decided that a Palm Beach County, Florida man was sentenced to 27 months in federal prison, following his wire fraud and criminal contempt convictions. David Lee Ortiz, 39, of Palm Beach County, was sentenced by United States District Judge Robin L. Rosenberg in Fort Pierce, following his prior plea of guilty to telemarketing…
Read moreThe Ontario Securities Commission (OSC) has just updated its Warning List, which contains the names of individuals and companies which are engaging in activities that may pose a risk to investors. The latest addition to the Warning List is retail forex broker Sumo Forex Limited, operating from www.sumoforex.com. The company's offices were listed by the OSC as 28…
Read moreThe Ontario Securities Commission (OSC) has just updated its Warning List, which contains the names of individuals and companies which are engaging in activities that may pose a risk to investors. The latest addition to the Warning List is Prosper Trade FX, operating from prospertradefx.com. According to the OSC, Prosper Trade FX is not registered in Ontario,…
Read moreUK financial regulator the Financial Conduct Authority (FCA) has issued a warning against a clone of regulated forex broker IIB International Broker. The real IIB, which also goes by IIB FX, is based in Sofia, Bulgaria. According to the FCA, fraudsters are using or giving out the following details as part of their tactics to scam…
Read moreA follow-up to LeapRate's earlier article on legal and regulatory proceedings against Phillip Harold Boakes, the mastermind of a wide-scale Ponzi scheme that defrauded investors of more than £3.5 million... The Court of Appeal has upheld a sentence of 10 years imprisonment for Mr. Boakes. The verdict follows his conviction in March 2015 on charges prosecuted…
Read moreGreat Trade, which shows signs of a high-yield investment program, misuses the data of MahiFX, including the names of the senior management of the Australian retail Forex broker.
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