The retail FX broker which was found to have illegally solicited US clients for several years is ordered to pay nearly $10.3 million in restitution plus a civil monetary penalty of $681,888.
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The US regulator estimates that 711 customers are still owed $10,289,391 from their investment with Tallinex.
The CFTC plans to disclose details about Tallinex’s violations of the CEA and Commission Regulations, and to request a permanent injunction, equitable relief in the form of restitution to customers, and civil monetary penalties.
GTF gets to pay a fine and is banned from acting as an introducing broker.
Tallinex has failed to appear or otherwise defend, and the time allowed by law for answering has expired.
Nearly a year after the US regulator launched its lawsuit against Tallinex, it pushes for a default judgement against the retail FX broker.
The CFTC has asked for more time in order to pursue settlement talks with GTF, the alleged introducing broker of Tallinex in the United States.
Whereas GTF, the alleged introducing broker of Tallinex in the United States, is engaged in settlement talks with the CFTC, there is no information on Tallinex’s defenses in this case.
David Terrell, known for his role in CFTC legal actions against foreign FX companies breaking US laws, will act as counsel for the regulator in its action against retail Forex broker Tallinex.
Tallinex has until July 28, 2017 to answer or otherwise plead with regard to the CFTC complaint which charges the broker with four counts of violating the Commodity Exchange Act and Commission regulations.
There has been no answer yet by the broker, targeted by the CFTC in a lawsuit over alleged illegal offering of retail FX services to US clientele.
In an answer to the CFTC complaint, GTF said it does not solicit US customers to open forex trading accounts at Tallinex.
The summons gives Tallinex 21 days to respond to CFTC’s complaint which alleges that the broker illegally provided retail FX services to US residents.
CFTC is seeking that Tallinex and its Utah introducing broker pay civil monetary penalties in amounts the greater of: (1) $170,472 for each violation of the Act and Regulations or (2) triple their monetary gain.
CFTC seeks permanent injunction, civil monetary penalties and other forms of relief for defendants.
Jin Choi, a Korean citizen, lied about ApuroFX being registered with the CFTC as a futures commission merchant and being a member of the National Futures Association.
CFTC goes after retail Forex broker JAFX accusing it of operating as an unregistered foreign exchange dealer.
During what turned out to be a very short-lived US government shutdown, the CFTC filed numerous motions with Courts to stay proceedings against Forex and binary options fraudsters.
The Securities and Exchange Commission (SEC) yesterday announced the launch of an online tool to help companies calculate registration fees for certain form submissions, with the aim of improving the accuracy of fee calculations and minimize the need for corrections, as well as to provide guidance on completing the related fee tables and a better […]
