CFTC Bars Eight Americans Who Sold Offshore Forex Trading to US Retail Clients
By Damian Chmiel
AI summary of the source article
The CFTC has barred eight Americans for two years for soliciting U.S. retail traders on behalf of unregistered offshore brokers. The individuals settled without admitting the findings and owe a combined $650,000 in penalties to the SEC.
Why it matters
The orders move the case from the technology supplier to the people who sold its product.
Key facts
- The CFTC barred eight Americans for two years from registering or working with registrants for soliciting U.S. retail traders for unregistered offshore brokers.
- The respondents owe a combined $650,000 to the SEC, while the CFTC imposed no financial penalty of its own.
- The four broker brands involved operated via white-label providers and took in approximately $391 million in customer deposits.
Source excerpt · Finance Magnates
The Commodity Futures Trading Commission (CFTC) yesterday (Monday) barred eight Americans for two years for soliciting US retail traders on behalf of unregistered offshore brokers. Each settled without admitting the findings. The orders move the case from the technology supplier to the people who sold its product. In June, Netrios LP Ltd. and Red Acre Ltd. agreed to pay $2.5 million for the white-…