The Turkish regulator, the CMB (Capital Markets Board of Turkey), has announced that it has taken the decision to prosecute four people as a result of the investigation conducted into the operation of Özbey Financial.
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The bulletin published by the CMB revealed that it would pursue a criminal complaint against Fayik Özbey, Hüsrev Özbey, Hakan Özbey and Mesut Çelik, who were found to have carried out capital market operations without the consent of the board, in violation of the Capital Markets Law.
The applicable article of the Turkish law regarding this specific violation carries a sentence of between two to five years in jail.
Hüseyin Gürsöz, CEO of boutique software and solution provider Meta Technologies and expert on the Turkish market, commented on the situation: “Capital Board of Governors finalised the investigation about Fayik Özbey, Hüsrev Özbey, Hakan Özbey who are the owners and managers of the Özbey Financial Consulting. The subject of the investigation was providing a forex platform which is pretending to be a physical gold exchange platform. Some exchange offices claimed that they were shown false statements and big losses while they are thinking it is a non-leveraged physical gold exchange platform. Claim of losses are over 5 Million USD.”
Back in March it was reported that the Turkish exchange Borsa Istanbul decided to cancel the trading authorization of Özbey Precious Metals and to end its membership. Sources in Turkey speculated at the time that it was due to illegal forex transactions executed by the bullion trading firm.