Johnson & Weaver to Investigate Whether FXCM Officers Breached Law
- Whistleblowers could now come forward as FXCM intends to fire approximately 150 employees.
The law firm Johnson & Weaver LLP today said that it is investigating whether FXCM was in breach of state or federal laws. However the firm stopped short of committing to legal action, saying that the investigation is only in its preliminary stages.
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Johnson & Weaver’s lawyers will investigate whether FXCM violated the law after the CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss found that the retail FX broker had an undisclosed interest in a market maker that consistently won the largest share of FXCM's trading volume, and thus was taking positions opposite its retail customers.
FXCM Holdings LLC and founding partners Dror Niv and William Ahdout have been banned from operating in the US to settle charges that they defrauded retail foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv customers and engaged in false and misleading solicitations.
Specifically, Johnson & Weaver's investigation will seek to determine if certain FXCM statements regarding its business were false or misleading when made. The law firm added that it is also reviewing the conduct of the broker’s officers and directors for the purpose of confirming whether they have engaged in any contraventions of applicable laws.
The company urged concerned shareholders who would like more information about their rights and potential remedies to contact Johnson & Weaver’s officers. It also asked FXCM’s staff to assist in the investigation alleging that the company’s conduct had put its customers in an unfair position.
Whistleblowers could now come forward as FXCM intends to implement a restructuring plan that includes the termination of approximately 150 employees, or about 18% of its global workforce.
The law firm Johnson & Weaver LLP today said that it is investigating whether FXCM was in breach of state or federal laws. However the firm stopped short of committing to legal action, saying that the investigation is only in its preliminary stages.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
[gptAdvertisement]
Johnson & Weaver’s lawyers will investigate whether FXCM violated the law after the CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss found that the retail FX broker had an undisclosed interest in a market maker that consistently won the largest share of FXCM's trading volume, and thus was taking positions opposite its retail customers.
FXCM Holdings LLC and founding partners Dror Niv and William Ahdout have been banned from operating in the US to settle charges that they defrauded retail foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv customers and engaged in false and misleading solicitations.
Specifically, Johnson & Weaver's investigation will seek to determine if certain FXCM statements regarding its business were false or misleading when made. The law firm added that it is also reviewing the conduct of the broker’s officers and directors for the purpose of confirming whether they have engaged in any contraventions of applicable laws.
The company urged concerned shareholders who would like more information about their rights and potential remedies to contact Johnson & Weaver’s officers. It also asked FXCM’s staff to assist in the investigation alleging that the company’s conduct had put its customers in an unfair position.
Whistleblowers could now come forward as FXCM intends to implement a restructuring plan that includes the termination of approximately 150 employees, or about 18% of its global workforce.