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Europe's Economic Crossroads: Recession Fears and S&P Global's
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Will Blockchain Technology Mark a Turning Point in Fraud
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7 Things We Wish Someone Had Told Us Before We Started Trading
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Europe's Economic Crossroads: Recession Fears and S&P Global's
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Regulation
UK Watchdog Warns about Ftradition, a Suspected Seychelles Clone
The regulator says FTradition is passing itself off as a member of the Tradition Group which is an international firm of brokers that is FCA authorised.
Wednesday, 25/02/2015 | 15:38 GMT
by
Avi Mizrahi
Brokers
IronFX Chinese Traders Storm Offices Demanding Money Back
The latest protest has reportedly erupted after a trader threatened an executive at knifepoint. IronFX: "Any purported 'complaints' are defamatory and may be linked with rumors about the company's IPO."
Monday, 12/01/2015 | 11:11 GMT
by
Avi Mizrahi
Regulation
Hong Kong Court Takes Strong Action against Suspected Boiler Rooms - Freezing $4.3 Million
The court's interim orders will remain in force until the hearing of the SFC’s application for final orders against all of the parties, the date of which has yet to be fixed. The Hong Kong watchdog's investigation is continuing.
Wednesday, 07/01/2015 | 11:49 GMT
by
Avi Mizrahi
Regulation
FX "Investment Club" JL Trading Disappears along with £130 Million of Clients' Funds
British police are investigating an alleged fraud over claims about $200 million went missing from an FX investment company as its manager, Joe Lewis, left his office abroad and can no longer be found anywhere.
Sunday, 21/12/2014 | 14:29 GMT
by
Avi Mizrahi
Regulation
Dutch Financial Watchdog Warns about Ftradition, a Suspected Seychelles Boiler Room Scam
Ftradition claims to offer "Stock Exchange Products" on its website but in some sections it also calls itself "ForexTradition." At any point, the unlicensed broker seems to focus mostly on CFDs.
Tuesday, 09/12/2014 | 12:08 GMT
by
Avi Mizrahi
Analysis
They Just Keep Coming! British Financial Watchdog Warns of Three More Forex Clone Scams
Like with many clones before, the sites seem to primarily target Chinese speakers. Today's batch are of higher quality as far as graphics are concerned showing an improvement in the skills fraudsters imploy.
Thursday, 30/10/2014 | 15:46 GMT
by
Avi Mizrahi
Analysis
The Price Isn't Right! "Dead" Banker Sentenced to 70 Years in Jail for $72 Million Fraud
Aubrey Lee Price, a former preacher and investment adviser who faked his own death, pleaded guilty to defrauding his clients and his bank and was sentenced to 70 years in prison Tuesday by a U.S federal court.
Wednesday, 29/10/2014 | 11:43 GMT
by
Avi Mizrahi
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Analysis
Cyprus and Mauritius Watchdogs Spell Out ill-Devised Broker Scam
The CySEC and FSC Mauritius has informed the public that LiveFX Trader is not and has not at any time been licensed by neither regulator, citing ill-devised fraudulent documentation with some basic errors.
Monday, 27/10/2014 | 15:10 GMT
by
Avi Mizrahi
Analysis
U.S Watchdog Charges Forex Monthly Income Fund with Fraud for Misappropriating over $1 Mln
A firm that guaranteed senior citizens monthly returns on their investment based on profits earned from trading allegedly never traded but rather misappropriated more than $1 million of the pool participants’ funds.
Tuesday, 07/10/2014 | 16:19 GMT
by
Avi Mizrahi
Brokers
You Were Warned! Ukrainian Broker MMCIS Limits Withdrawals as Part of Anti-Crisis Measures
After reported allegations against the broker it issued an emergency anti-crisis program to "stabilize the company under a raider attack and eliminate panic" including increasing its number of lawyers and security.
Tuesday, 07/10/2014 | 15:28 GMT
by
Avi Mizrahi
Analysis
Easy Forex Might Face 500 MLN Shekel Class Action Lawsuit, Israeli Paper Estimates
The Tel Aviv District Court has recently decided that there is a "probable chance" that one of the biggest Israeli brokers will qualify as offering unlicensed investment advice, marketing and investment management.
Sunday, 14/09/2014 | 13:56 GMT
by
Avi Mizrahi
Analysis
IronFX Grilled on Chinese TV by Affiliates, Criminal Fraud Investigation Filed on Air - Updated
In a 20 minute report, a journalist went undercover to experience the deposit process and track the money. A Chinese official called for a “severe punishment” in the event that IronFX is found to be operating illegally.
Thursday, 04/09/2014 | 08:00 GMT
by
Avi Mizrahi
Analysis
UK Watchdog Warns against a Boiler Room Scam Clone Targeting Asian Traders as LCG
The British Financial Conduct Authority issues warnings against a Singapore-based clone website pretending to be London Capital Group Asia and about an unauthorised or "independent" firm targeting UK investors.
Thursday, 28/08/2014 | 08:06 GMT
by
Avi Mizrahi
Brokers
Another FCA Warning: AMT Markets is a Cloned Chinese Broker
the watchdog has warned against the cloned firm, who claims to be U.K based to allure potential Chinese traders with a british brand but its website domain is registered under Jiaxin Liu from Guangzhou, China.
Thursday, 21/08/2014 | 09:09 GMT
by
Avi Mizrahi
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Analysis
So Who Can You Trust?! MIT Business Professor Pleads Guilty to Running a $500 Million Scam
A former Dean at MIT’s Sloan School of Management, solicited investors for more than half a billion USD based on his "quantitative models derived through extensive research" and channeled them to Bernie Madoff.
Monday, 18/08/2014 | 09:45 GMT
by
Avi Mizrahi
Brokers
Trying to Sue Your FX/CFD Broker? In Israel It Might Cost You Dearly
The Tel Aviv District Court rejected an Israeli trader's claim that Atrade, a local subsidiary of AvaTrade, profited from client losses and fined him NIS 75,000 to pay the broker for compensation.
Wednesday, 30/07/2014 | 05:51 GMT
by
Avi Mizrahi
Analysis
FCA Initiates Prosecution of Currencytrader Over Alleged Fraud
Phillip Harold Boakes of currency-trader.co.uk is accused by the British financial watchdog of theft, six counts of fraud, three counts of using a false instrument and accepting deposits without authorization.
Wednesday, 23/07/2014 | 14:21 GMT
by
Avi Mizrahi
Regulation
CFTC: A Forex Firm Promising to "Consistently Deliver in All Market Conditions" Is Fraud
The US watchdog added allegations of fraudulent misrepresentation, false statements and misappropriation of $1 million of pool participant funds to charges against Daniel K. Steele, who got $2 million from investors
Sunday, 20/07/2014 | 11:29 GMT
by
Avi Mizrahi
Analysis
FBI Busted a $3.4 Million Fake Forex Trading Scam
Marcellus Lopes Lee solicited investors to send funds to Taurus Global Markets, his Belize FX trading firm when he actually operated in Massachusetts and never really traded. He is now facing twenty years in jail.
Wednesday, 16/07/2014 | 18:52 GMT
by
Avi Mizrahi
Analysis
Chinese State TV Warns about FX Trading, Cites IFX and SFX as Culprits
In a Chinese CCTV’s "FX speculation black platforms" story, traders who lost their money lamented suspicious brokers’ malfunction. Forex Magnates brings the translated transcript of the news report.
Sunday, 06/07/2014 | 14:34 GMT
by
Avi Mizrahi
Regulation
The FX Corporate Identity Theft Trend Continues, FCA Warns About Another Clone
Scammers are giving out some of the details of MN Financial Services Ltd., a former Appointed Representative Firm, to trick victims. This is the latest warning about a growing trend of "cloning" FX firms.
Wednesday, 23/04/2014 | 20:33 GMT
by
Avi Mizrahi
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Regulation
CFTC Charges Melody Nganthuy Phan with Elaborate Forex Scheme Valued at $3.7 Million
The CFTC has filed civil enforcement charges, among others, against Melody Nganthuy Phan and her congregation of three companies for a fraudulent foreign exchange scheme valued at over $3.7 million.
Thursday, 27/02/2014 | 23:00 GMT
by
Jeff Patterson
Regulation
MFSA Issues a Warning Against "ABFX"
The regulator warns against an Indian Forex Money Manager using the website alphabetafx.com which falsely claimed to be licensed by the Malta Financial Services Authority to provide investment services.
Wednesday, 19/02/2014 | 18:58 GMT
by
Avi Mizrahi
Analysis
Data on 2,000 Customers Stolen From Barclays, Whistleblower Confirms to News
Forex Magnates investigates reports by the Mail on Sunday, the UK publication of the Daily Mail, that 2,000 customers' account data had been stolen from Barclays, as shown by a whistleblower to the news publication.
Monday, 10/02/2014 | 20:39 GMT
by
Steven Hatzakis
Regulation
Forex Thief Gets 15 Years, Gambled Clients' Funds at Casino, Tried Evading Capture
The slick forex fraudster wasn't so smooth, after unlawful conduct, including evading feds and obtaining a high quality fake Russian passport, were not enough to keep Aleksander Efrosman from getting a +15 year prison term.
Thursday, 16/01/2014 | 09:58 GMT
by
Steven Hatzakis
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