Do Brokers Ever Give Refunds For This? 42 replies
FXCM fined $14.2 million by CFTC 9 replies
FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies
Alpari Fined by FSA!! 3 replies
IBFX Fined By The NFA Today -- No Surprise 47 replies
DislikedWord just came down today that FXCM is being fined $2 million by the NFA and they must also provide refunds for slippage orders going back to 2008. This is massive news. The refunds are going to hurt - that's a TON of orders to go back through.
Direct link to NFA case: http://www.nfa.futures.org/basicnet/...16&contrib=NFAIgnored
DislikedFantastic Indeed ! a little government dusting at work. I was delighted to stumble upon this bit of news. I had had a few arguments over the years with the Big Ol' walmart of Forex FXCM. I bet all those 25 year old desk hounds will start to rethink the possibility of going down with the ship if this behavior continues. On the other hand FXCM just might be a choice broker to trade with as they have been bitch slapped real good, and the lingering possibility that they may behave now that they have been marked, a second blow might cost the dealer...Ignored
DislikedYou have an excellent point. Glade you shed some light on the situation from your point of view. Thank you.Ignored
Disliked{quote} The settlement between FXCM and the CFTC was anticipated and previously disclosed on August 11, 2011, during FXCM’s Second Quarter Earnings Conference Call. At that time, the company established a reserve of $16 million in anticipation of the fines associated with the CFTC ($6 million) and the NFA ($2 million) settlements as well as restitution ($8,261,937) credited to affected clients. To date, the NFA fine has been paid and restitution to affected clients has been credited. The NFA and CFTC fines as well as restitution are all covered...Ignored
Disliked{quote} i got email that i have been credited but after couple years that money disapeard from my acc. fxcm says money had been send back to CFTC. Its very unfair if fxcm credit your acc and after 3 years take out all that credits .Ignored