Unregistered dealer Horizon FX Investments lost millions

B.C. Securities Commission issued a notice of hearing against a Cem Ali, president and sole director of Horizon FX Investments, alleging that he fraudulently induced nearly 1,000 people to invest $34 million in foreign exchange contracts. The money was placed with a New York foreign exchange trading firm called Razor FX, which was exposed as a Ponzi scheme in January 2008 and has since collapsed. Horizon FX investors, most of whom are B.C. residents, have so far lost $25.5 million, the commission said.

About The Author

Felix Shipkevich

Felix Shipkevich is a Manhattan-based attorney and general counsel for Shipkevich Law Firm. He has extensive experience working with the CFTC and NFA on registration, compliance, and enforcement issues for CPOs, CTAs, FCMs, IBs, and RFEDs. Felix also practices intellectual property and corporate governance law.