FX Futures, Swaps Will See Greater Liquidity Under Dodd-Frank

As the Dodd-Frank act continues to make inroads into every corner of financial markets, the area of forex forwards, non-deliverable forwards (NDFs) and forex swaps may undergo a particularly dramatic transformation. Historically dominated by large banks and other institutional counterparties, the sector was...

CFTC fines $6 million for forex ponzi scheme

Th CFTC filed an order against Flint-McClung Capital (FMC) of Englewood, Colorado and Shawon McClung of Denver, Colorado, charging them a $1,701,250 restitution and a $4.3 million civil monetary penalty. According to the order, the CFTC found that the defendants solicited and received at least $2.4 million...

Texas Federal Court fines group $4.8 million for forex fraud

The CFTC announced that a Texas federal court entered an order of default judgment and permanent injunction against Total Call Group, Inc. and its principals Craig Poe and Thomas Thurmond. The defendants are charged with issuing false customer account statements and committing forex fraud. From 2006 to...

Google and Yahoo potentially violated India’s forex laws

The Indian government is investigating whether local Google and Yahoo branches violated the country’s foreign exchange (“forex”) laws. The Press Trust of India reported that Google may have breached a forex law while transferring money to Ireland and other foreign nations, and transferring...

NFA fines futures and forex dealer

The NFA fined Peregrine Financial Group Inc. for $700,000 on claims that it neglected to oversee its brokers and failed to implement anti-money laundering policies. According to the complaint, the Futures Commission Merchant (“FCM”) and forex dealer maximized commissions without regard for...

NFA takes action against CPO/CTA

The NFA took an emergency enforcement action against Crabapple Capital Group LLC and its principal, Robert Allen Christy. CCG is a Georgia-based commodity pool operator (“CPO”) and commodity trading advisor (“CTA”). Under the Member Responsibility Action (“MRA”) and the...

CFTC fines long-running Ponzi scheme

The CFTC has secured a federal consent order against Texas resident Larry Benny Groover for defrauding customers and misappropriating client money as part of a foreign exchange (“forex”) Ponzi scheme. Groover has been ordered to pay $2.69 million in restitution and civil monetary penalty. Relief...

BNY reaches partial settlement in federal case

BNY Mellon has reached a partial settlement with the the U.S. Attorney’s office in connection with charges that the custody bank defrauded large institutional customers, including several state pension funds, by overcharging them for foreign exchange (“forex”) transactions. This settlement...

CFTC settles action against unregistered offshore RFED

The CFTC has won a federal consent order against FXOpen Investments Inc., an offshore company, for failing to register with the Commission. The firm is required to pay $140,000 in civil monetary penalty for soliciting the public to make foreign exchange (“forex”) transactions without registering...

BNY Mellon settlement deadline nears

Embattled custody bank BNY Mellon is reportedly still in negotiations over the lawsuit filed by federal prosecutors regarding the bank’s foreign exchange (“forex”) rate practices. The lawsuit, filed by Manhattan U.S. Attorney Preet Bharara, aims in part to discover BNY’s methods for...
Page 2 of 712345...Last »