Exclusive: Several BT Employees Laid off, Regulators Made Aware of Missing Client Funds
- Information gathered by Forex Magnates' reporters from a number of sources points to a big chunk of client funds that could be missing from Boston Prime and BT Prime, as regulators have been made aware of the situation.
Sources close to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates have confirmed that a number of employees have been let go from Boston Technologies powered by ForexWare. According to the information, most of the employees who got laid off were close to the operations at Boston Prime and BT Prime.
Boston Technologies has declined to comment on the layoffs.
Forex Magnates' reporters obtained information that there has been a substantial shortage of client funds in the client accounts of Boston Prime and BT Prime.
Market rumors circulating across the industry about the missing client funds in the accounts at the prime entities have been backed by sources claiming that the respective financial regulators are aware of the situation.
A Boston Technologies spokesperson shared with Forex Magnates, “Boston Technologies powered by ForexWare is not an owner or principle of BT Prime or Boston Prime and cannot comment on their behalf. We are aware that there are liquidators in place, and any questions or comments regarding BT Prime and Boston Prime are passed along to their respective liquidators.”
The current Director of Boston Prime and BT Prime, George Popescu, has declined to comment, stating that more information will be provided in the coming days.
Some sources reported to Forex Magnates' reporters, that FXDD has been the sole Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term provider for Boston Prime and BT Prime, however this information has not been verified. Boston Technologies declined to comment on the matter.
Sources close to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates have confirmed that a number of employees have been let go from Boston Technologies powered by ForexWare. According to the information, most of the employees who got laid off were close to the operations at Boston Prime and BT Prime.
Boston Technologies has declined to comment on the layoffs.
Forex Magnates' reporters obtained information that there has been a substantial shortage of client funds in the client accounts of Boston Prime and BT Prime.
Market rumors circulating across the industry about the missing client funds in the accounts at the prime entities have been backed by sources claiming that the respective financial regulators are aware of the situation.
A Boston Technologies spokesperson shared with Forex Magnates, “Boston Technologies powered by ForexWare is not an owner or principle of BT Prime or Boston Prime and cannot comment on their behalf. We are aware that there are liquidators in place, and any questions or comments regarding BT Prime and Boston Prime are passed along to their respective liquidators.”
The current Director of Boston Prime and BT Prime, George Popescu, has declined to comment, stating that more information will be provided in the coming days.
Some sources reported to Forex Magnates' reporters, that FXDD has been the sole Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term provider for Boston Prime and BT Prime, however this information has not been verified. Boston Technologies declined to comment on the matter.