customers Archives - The Industry Spread

Federal Court Finds Former Precious Metals CEO Robert Escobio in Contempt of Court for Failure to Pay Restitution to Defrauded Customers

April 5, 2019

The U.S. Commodity Futures Trading Commission (CFTC) announced today that on March 18, 2019, District Judge James Lawrence King of the U.S. District Court for the Southern District of Florida entered an order finding Coral Gables, Florida resident Robert Escobio in contempt (“Contempt Order”) for failing to pay more than $1.5 million in previously-ordered restitution to defrauded customers of Mr. Escobio’s now-defunct precious metals firm, Southern Trust Metals, Inc. (“Southern Trust”).

FXTM Obtains License from Mauritius Financial Watchdog

March 24, 2019

The FXTM brand was already regulated by the UK Financial Conduct Authority, the Cyprus CySEC, and South Africa’s FSCA. The addition of an authorization from the Mauritius financial watchdog will help the broker in its international growth strategy, while also emphasizing the brand’s commitment to operating to the highest regulatory standards.

Federal Court Orders Forex Fraudster and His Companies to Pay More Than $2.2 Million for Fraudulent Solicitation and Misappropriation of Customer Funds

March 22, 2019

The Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Central District of California, Western Division, entered an order which granted the CFTC’s motion for default judgment (Order) and a judgment consistent with the Order (Judgment) against defendants Jin Choi (Choi), a citizen of the Republic of South Korea with a last known residence in Los Angeles, California, as well as his companies Apuro Holdings Ltd (Apuro) d/b/a, ApuroFX, JCI Holdings USA (JCI), and d/b/a JCI Trading Group, LLC (collectively the defendants), in connection with a fraudulent foreign currency (forex) scheme that victimized customers in the United States, Australia, Indonesia, and elsewhere.

SEB Selects DTCC’s Global Trade Repository in Support of Its SFTR Obligations

March 21, 2019

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Skandinaviska Enskilda Banken AB (SEB) has selected its multi-award winning Global Trade Repository (GTR) service in order to meet their regulatory obligations under the Securities Financing Transactions Regulation (SFTR), which is expected to apply from April 2020.

Financial Commission Announces DealFX as Latest Approved Member

March 11, 2019

DealFX status as an A-category Member of the Financial Commission took effect on March 6, 2019, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per submitted complaint, backed by the Financial Commission’s compensation fund

DME Sees 160% Growth in Forward Trading

March 9, 2019

Dubai Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, today announced a 160% increase year-on-year in trading activity on the exchange’s forward curve.