Ever since its dissolution, some clients of the defunct Forex Trend have been waiting for the launch of ‘Forex Trend 2.0’, the new structure by Ukraine’s largest broker, Concorde Capital. Now it seems that they will have to wait a little longer, as the absorbing firm has announced the postponement of the kick-off.
The group’s owner and CEO, Igor Mazepa, cited development needs as the reason for the postponement to September. “We have taken this step because this tool will provide our customers with new opportunities,” he said in a written announcement posted on the firm’s website. “Another reason is the need to complete the selection of media partners,” he added.
However, the announcement’s timing might be seen as disturbing in light of the firm’s alleged ties to the $100 million hacking scheme. Last week, the US’ Securities and Exchange Commission (SEC) implicated Concorde Bermuda Ltd. in the insider trading scheme, describing it as a ‘hedge fund established in Bermuda with its principal place of business in Kiev, Ukraine.’ The firm said at the time of publication that “some of (its) transactions have appeared suspicious”, and that it is performing an internal investigation.
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Following the Trend
Concorde Bermuda is part of the same business group as Concorde Capital, the firm behind the ‘Forex Trend 2.0’ initiative. According to the charges, Concorde has proprietary trading accounts at Interactive Brokers, which were used in connection with the fraudulent scheme, resulting in approximately $3.6 million in ill-gotten gains. Last month, the firm-to-be was the subject of scam as a clone stole its identify.
Forex Trend was a Ukrainian broker registered in New Zealand that shut down without notice earlier this year – the broker ran into a litany of hurdles after seizing all of its clients’ funds as it trended towards oblivion. However, traders have since remained active in online forums where they speculate on the chances of the broker’s rebirth.
Concorde aims to cater to these expectations, and it remains to be seen whether it delivers with the new firm next month.