A number of the armed men that allegedly raided the broker are members of Turkish exchange Borsa Istanbul.
The online trading industry has sadly seen its share of angry or violent clients taking direct action, but nothing as severe as this before. A number of Turkish citizens are now facing up to 56 years in jail over an alleged armed raid on the managers of a brokerage in Turkey in 2012, according to major newspapers reports from the country.
The Forex brokerage allegedly operated under two type of setups, one as a registered broker in Turkey and the second as a non-registered market-maker broker which accepts cash deposits from clients - which some people prefer in order to avoid paying tax.
When some clients earned a profit and wanted to withdraw their money the owners refused to honor the deal and blamed the managers that they took the money for themselves. In response, these clients as well as the owners allegedly raided the managers' offices and took them hostage.
In turn, the managers reported the incident to the police and now the owners and clients of the brokerages are facing criminal allegations of extortion, hostage taking, illegal Forex Trading, tax evasion and makings threats with a gun - charges that carry a maximum plenty of 56 years in Turkey.
Hüseyin Gürsöz, CEO of boutique software and solution provider Meta Technologies as well as an expert on the Turkish market, describes the players involved: “The leading role in the story here are the owners of Venbey Yatırım - a only-forex business with average trading volume. ALB Menkul are 3rd biggest broker in Turkey, and Uguras Kıymetli Madenler has the biggest metal trading volume in Borsa Istanbul. Some of the others involved are also members of Borsa Istanbul but they don’t have any significant volume.”
Venbey Yatırım has provided the following statement:
"There has been some accusations against our company Venbey Yatırım Menkul Değerler A.Ş., [but] there has not been any criminal suit about our company neither in Turkey Republic nor on international base. Additionally, our company do not have any direct or indirect relation about the events that were mentioned in the news; and is not the party to the suit mentioned there."
Clarification: A previous version of this article mentioned that the broker in question is Venbey Yatırım. The actual name of the firm in 2012 was Özbey Forex, and Venbey is a new legal entity created in 2014. The two companies share the same owners according to the court charges in this case and documents from the Turkish Company House register, obtained by Finance Magnates.
The online trading industry has sadly seen its share of angry or violent clients taking direct action, but nothing as severe as this before. A number of Turkish citizens are now facing up to 56 years in jail over an alleged armed raid on the managers of a brokerage in Turkey in 2012, according to major newspapers reports from the country.
The Forex brokerage allegedly operated under two type of setups, one as a registered broker in Turkey and the second as a non-registered market-maker broker which accepts cash deposits from clients - which some people prefer in order to avoid paying tax.
When some clients earned a profit and wanted to withdraw their money the owners refused to honor the deal and blamed the managers that they took the money for themselves. In response, these clients as well as the owners allegedly raided the managers' offices and took them hostage.
In turn, the managers reported the incident to the police and now the owners and clients of the brokerages are facing criminal allegations of extortion, hostage taking, illegal Forex Trading, tax evasion and makings threats with a gun - charges that carry a maximum plenty of 56 years in Turkey.
Hüseyin Gürsöz, CEO of boutique software and solution provider Meta Technologies as well as an expert on the Turkish market, describes the players involved: “The leading role in the story here are the owners of Venbey Yatırım - a only-forex business with average trading volume. ALB Menkul are 3rd biggest broker in Turkey, and Uguras Kıymetli Madenler has the biggest metal trading volume in Borsa Istanbul. Some of the others involved are also members of Borsa Istanbul but they don’t have any significant volume.”
Venbey Yatırım has provided the following statement:
"There has been some accusations against our company Venbey Yatırım Menkul Değerler A.Ş., [but] there has not been any criminal suit about our company neither in Turkey Republic nor on international base. Additionally, our company do not have any direct or indirect relation about the events that were mentioned in the news; and is not the party to the suit mentioned there."
Clarification: A previous version of this article mentioned that the broker in question is Venbey Yatırım. The actual name of the firm in 2012 was Özbey Forex, and Venbey is a new legal entity created in 2014. The two companies share the same owners according to the court charges in this case and documents from the Turkish Company House register, obtained by Finance Magnates.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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