Director of Foreign Exchange Limited gets 12-year ban

Maria Nikolova

Investigators uncovered that, between October 2013 and October 2016, Frank Deal had caused the company to misappropriate client funds totalling almost £2.5 million.

The UK Insolvency Service has announced that Frank Deal, director of Foreign Exchange Limited, formerly known as Yenom Incorporated Limited, got 12-year disqualification due to abuse of client funds.

Foreign Exchange Limited was incorporated in September 2003 and based in Croydon. Some 14 years after its incorporation, the foreign exchange company experienced trading difficulties and entered administration in November 2016 before entering liquidation in September 2017.

An Insolvency Practitioner was appointed to handle the company’s affairs before making the Insolvency Service aware of the conduct of the director, Frank Deal. When investigators examined the company’s dealings, they found that, between October 2013 and October 2016, Frank Deal had caused the company to misappropriate client funds totalling almost £2.5 million.

In total, 31 customers have approached either the police, administrators and the Insolvency Service claiming funds they had transferred to Foreign Exchange Limited never reached the intended recipient accounts and were never returned. Moreover, at least seven clients said that Frank Deal provided fraudulent bank transfer remittance receipts showing funds transfers that, in reality, never took place.

Under the ban, Frank Deal is not able, directly or indirectly, to be involved in the promotion, formation or management of a company.

David Brooks, Chief Investigator for the Insolvency Service, said:

“Frank Deal’s clients expected a level of risk when making their investments but did not expect that risk to come from the company’s director. Many lost tens of thousands of pounds as a result of Frank Deal’s conduct. This ban will prevent him from causing further financial harm for a significant period, and serves as a reminder to other directors that this conduct will not be tolerated”.

Read this next


BlockDAG Transforms Crypto Mining with X1 Beta App Launch, Raises $49.2M in Presale; SEI & BONK Developments

Uncover BlockDAG’s X1 app beta launch, reshaping mobile mining and propelling its presale to $49.2M, eclipsing BONK and SEI.

Digital Assets

Joe Biden’s campaign explores crypto donations via Coinbase

U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, sources familiar with the matter told The Block.


VGX Foundation and Honeyland Partner to Offer VGX Rewards for Players

The VGX Foundation has announced a partnership with popular web3 game Honeyland, offering rewards utilizing the VGX token for their players.

Digital Assets

Terraform and Do Kwon fined $4.5 billion to settle with SEC

Terraform Labs and its co-founder Do Kwon have reached a final settlement with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Wednesday.

Retail FX

Dukascopy broadens CFD offering with Italian stocks

Switzerland’s forex bank and broker, Dukascopy has just expanded its offering to include Italian stocks and the Italy 40 Index. The new additions allow clients to access a broader range of investment opportunities in the Italian market.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Monetary Policy, US Inflation,Eurozone June 12 ,2024

The Fed meets today to decide on interest rates. A dovish shift (keeping rates steady or hinting at cuts) is expected, weakening the US dollar and potentially boosting gold prices.


BlockDAG Leads CoinSniper Ranking as Presale Surges to $49.2M While Cardano Shows Resilience & ApeCoin Surges

Explore BlockDAG’s #1 ranking on CoinSniper listing as presale booms to $49.2M. More on ADA’s resilience & ApeCoin’s surge.

Market News, Tech and Fundamental, Technical Analysis

Gold Technical Analysis Report 12 June, 2024

Gold can be expected to rise further toward the next resistance level 2385.00, which stopped the previous minor correction B at the start of June.