An eighteen month investigation into Falcon Brokers Ltd. has concluded with its harshest penalties to date.
The Cyprus Securities and Exchange Commission (CySEC) today concluded an eighteen-month investigation into Falcon Brokers Limited’s operations. Consequently, the regulator has levied a €195,000 penalty on the directors of the FX brokerage, also calling for a ban of all integral personnel in the group from any activity within the financial space.
These are the latest actions taken against Falcon Brokers Limited, which had its broker-dealer license originally suspended back in September 2015. The suspension from CySEC was handed down due to suspicions of violating rules regarding the handling of client funds – a lengthy investigation followed shortly after.
Financial recourse
Today’s announcement represents CySEC’s harshest measures to date against Falcon Brokers, which slapped a collective sum of $222,120 (€195,000) on the company’s leadership. This includes Falcon Broker’s sole shareholder and Executive Director Mohammed Yahya Amin Al Ansari, Executive Director and Senior Manager Marwan El Daouk, as well as independent non-executive directors Khalid Ahmad Emran Abdo and Wael Ata Elayyan Jaber.
Most of the aforementioned individuals are facing additional recourse with Mr. Ansari (5 years), Mr. Abdo (2 years) and Mr. Jaber (2 years) formally banned from participation in any professional activity in the financial services space.
Demetra Kalogerou, Chair of CySEC, commented: “The senior managers of Falcon Brokers Limited wholly neglected their duties to ensure the Company had the correct measures in place to protect investors, which resulted in serious failings to safeguard client funds.”
“Having limited investor detriment through the suspension and withdrawal of the Company’s license in 2015 and 2016, imposing multiple fines on key persons and banning three directors from regulated activities concludes CySEC’s eighteen-month investigation. As is consistently stated, CySEC will not hesitate to pursue regulatory action against current or former directors should they or their licensed company be found to be in violation of the legislation we consistently enforce,” she added.
CySEC crackdown
Falcon Brokers had originally been given one month to get its operations in order, ultimately facing a Cloud of suspicion over the misappropriation of client funds. This culminated in additional action against the group in November 2015, an extension of the suspension of Falcon Brokers’ authorization, preventing any services being offered. As of November 2, 2015, Falcon Brokers was ordered to close all of its client positions.
The group’s license was formally revoked back in March 2016, citing failure to comply with the Cypriot investment firm (CIF) rules required to maintain its license status.
The Cyprus Securities and Exchange Commission (CySEC) today concluded an eighteen-month investigation into Falcon Brokers Limited’s operations. Consequently, the regulator has levied a €195,000 penalty on the directors of the FX brokerage, also calling for a ban of all integral personnel in the group from any activity within the financial space.
These are the latest actions taken against Falcon Brokers Limited, which had its broker-dealer license originally suspended back in September 2015. The suspension from CySEC was handed down due to suspicions of violating rules regarding the handling of client funds – a lengthy investigation followed shortly after.
Financial recourse
Today’s announcement represents CySEC’s harshest measures to date against Falcon Brokers, which slapped a collective sum of $222,120 (€195,000) on the company’s leadership. This includes Falcon Broker’s sole shareholder and Executive Director Mohammed Yahya Amin Al Ansari, Executive Director and Senior Manager Marwan El Daouk, as well as independent non-executive directors Khalid Ahmad Emran Abdo and Wael Ata Elayyan Jaber.
Most of the aforementioned individuals are facing additional recourse with Mr. Ansari (5 years), Mr. Abdo (2 years) and Mr. Jaber (2 years) formally banned from participation in any professional activity in the financial services space.
Demetra Kalogerou, Chair of CySEC, commented: “The senior managers of Falcon Brokers Limited wholly neglected their duties to ensure the Company had the correct measures in place to protect investors, which resulted in serious failings to safeguard client funds.”
“Having limited investor detriment through the suspension and withdrawal of the Company’s license in 2015 and 2016, imposing multiple fines on key persons and banning three directors from regulated activities concludes CySEC’s eighteen-month investigation. As is consistently stated, CySEC will not hesitate to pursue regulatory action against current or former directors should they or their licensed company be found to be in violation of the legislation we consistently enforce,” she added.
CySEC crackdown
Falcon Brokers had originally been given one month to get its operations in order, ultimately facing a Cloud of suspicion over the misappropriation of client funds. This culminated in additional action against the group in November 2015, an extension of the suspension of Falcon Brokers’ authorization, preventing any services being offered. As of November 2, 2015, Falcon Brokers was ordered to close all of its client positions.
The group’s license was formally revoked back in March 2016, citing failure to comply with the Cypriot investment firm (CIF) rules required to maintain its license status.
Interactive Brokers Settles Nasdaq Charges, Agrees to $475,000 Fine
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.
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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
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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
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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
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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
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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
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#fmas #fmas24 #fmevents #networking #finance #africa
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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.
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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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