Foreign exchange brokerage, Gallant Capital Markets also known as GCMFX filed for bankruptcy protection in the US Bankruptcy Court for the Eastern District of New York. The firm regulated by the British Virgin Islands Financial Services Commission published an official announcement on its website on Friday, the 14th of April.
Gallant Capital Markets Ltd filed for bankruptcy voluntarily under chapter 11 of the US Bankruptcy code. The news comes just under three years after the company was acquired by New Zealand incorporated company WSM Invest.
At the time WSM Invest and Gallant Capital Markets shared with Finance Magnates that the firm was valued at between $10.5 million and $14.5 million. Gallant Capital Markets was the first firm to acquire a license from the BVI’s Financial Services Commission.
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According to documents filed in March 2016, WSM Invest Ltd is 100% owned by Jiri Kubicek. The company was founded in the beginning of 2014, just over 6 months before the acquisition of Gallant Capital Markets Ltd.
Back in July 2014, the companies shared with Finance Magnates that the final valuation of Gallant Capital Markets would be contingent on the company’s performance over the next 5 years.