In an interesting twist, the of head of trading at FXWMA was the trader suspended from Rabobank over the FX manipulation scandal last year.
UK authorities seem to be much more vigilant than those in most jurisdictions regarding retail FX firms which can not fulfill their commitments to clients. City of London Police are now investigating another retail broker for alleged fraud.
The bankrupt broker, FX World Managed Account Ltd (FXWMA), is allegedly the latest firm that got caught in the spotlight of the City of London Police. Investigators have visited the companyβs offices in recent weeks, according to the Wall Street Journal. A spokesman confirmed today that "a foreign-Exchange company" is being investigated in relation to fraud but that no arrests have been made so far.
On its website it says that FX World Managed Account Ltd is registered in England and Wales and is an appointed representative of Forexmax Ltd which is authorised and regulated by Financial Conduct Authority (FCA). Other than that, FXWMA clients were only aware of a notice that the company had dissolved and went into liquidation. In contrast, Forexmax website's is working with no mention of any legal issues. According to the FCA, FX Worldβs license was suspended on June 29.
In an interesting twist to the story, the of head of trading at FXWMA, while the firm was still operating, was Gary Andrews. A London-based FX trader of the same name was suspended from Rabobank in late 2014 over his role in the currency rates manipulation scandal that shocked the big banks handling the institutional FX trading industry. His Linkedin profile hints that he is indeed the same person.
The authorities offered no explanation for the reasons for the fraud investigation, but when a broker collapses it sometimes Leads clients to being unable to withdraw all their funds and therefore they file complaints. As FXWMA was a UK company, presumably clients are at least partially covered in this case under the country's financial compensation scheme.
In March, the City of London Police raided the offices of CWMβs (Capital World Markets) and arrested a number of employees on suspicion of fraud for false representation, conspiracy to defraud and money laundering.
UK authorities seem to be much more vigilant than those in most jurisdictions regarding retail FX firms which can not fulfill their commitments to clients. City of London Police are now investigating another retail broker for alleged fraud.
The bankrupt broker, FX World Managed Account Ltd (FXWMA), is allegedly the latest firm that got caught in the spotlight of the City of London Police. Investigators have visited the companyβs offices in recent weeks, according to the Wall Street Journal. A spokesman confirmed today that "a foreign-Exchange company" is being investigated in relation to fraud but that no arrests have been made so far.
On its website it says that FX World Managed Account Ltd is registered in England and Wales and is an appointed representative of Forexmax Ltd which is authorised and regulated by Financial Conduct Authority (FCA). Other than that, FXWMA clients were only aware of a notice that the company had dissolved and went into liquidation. In contrast, Forexmax website's is working with no mention of any legal issues. According to the FCA, FX Worldβs license was suspended on June 29.
In an interesting twist to the story, the of head of trading at FXWMA, while the firm was still operating, was Gary Andrews. A London-based FX trader of the same name was suspended from Rabobank in late 2014 over his role in the currency rates manipulation scandal that shocked the big banks handling the institutional FX trading industry. His Linkedin profile hints that he is indeed the same person.
The authorities offered no explanation for the reasons for the fraud investigation, but when a broker collapses it sometimes Leads clients to being unable to withdraw all their funds and therefore they file complaints. As FXWMA was a UK company, presumably clients are at least partially covered in this case under the country's financial compensation scheme.
In March, the City of London Police raided the offices of CWMβs (Capital World Markets) and arrested a number of employees on suspicion of fraud for false representation, conspiracy to defraud and money laundering.
Retail Broker Acetop UK Quadruples 2023 Revenue, Significantly Narrows Losses
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.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π 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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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 π 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
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs 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 π 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 Africaβs 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 π 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
Register now to secure your spot: https://bit.ly/3JbUpCK
#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.
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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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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