Director of FX broker Numex gets 8-year ban

Maria Nikolova

Ehsan Tayefi, director of Numex Foreign Exchange Corporation (UK) Ltd, is now banned from acting as a director or directly or indirectly becoming involved in the promotion, formation or management of a company.

The UK Insolvency Service today announces that Ehsan Tayefi, who was director of Numex Foreign Exchange Corporation (UK) Ltd, has been disqualified for 8 years after he removed $1.3 million of bank funds to buy properties in Dubai.

The company was incorporated in September 2011 and used an FX platform provided by a major bank to buy foreign currencies on behalf of Numex’s customers. In April 2018, the bank that provided Numex’s FX platform issued the company with a two-month warning that they would remove their trading facilities.

This caused Numex to enter into administration in June 2018, owing its creditors just over £2 million. The company entered into liquidation in June 2019.

Numex’s insolvency proceedings brought the company to the attention of the Insolvency Service and following further enquiries, investigators uncovered that Numex’s bank had warned the foreign exchange broker that maturing trades would show an overdrawn position.

However, instead of taking heed, Tayefi caused Numex to make a payment of $1.3 million to buy two apartments in Dubai in the name of his relative. This pushed Numex into insolvency.

On February 20, 2020, the Secretary of State accepted a disqualification undertaking from Tayefi for 8 years. Effective from March 12, 2020, Tayefi is banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.

Read this next

Retail FX

CySEC delists Leverate from investor compensation fund

The Cyprus Securities and Exchange Commission (CySEC) announced that Leverate, a provider of brokerage solutions for the financial services industry, has been excluded from its investor compensation fund today.

blockdag

Top Crypto Investment: BlockDAG Outpaces Bitcoin Price and Cardano ADA Upgrades, Securing $19.3M in Revolutionary Presale

After plummeting below the crucial $70,000 mark amidst geopolitical tensions, the Bitcoin price is signalling a recovery as it climbs past $63,000. Concurrently, Cardano ADA upgrades, particularly the much-anticipated Chang Hardfork.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: Middle East, US economic data, Eurozone data April 22 ,2024

US Dollar strengthens as easing Middle East tensions and strong economic data boost investor confidence, while dovish central banks and weak data weigh on the Euro.

Digital Assets

Thailand moves to block crypto websites to combat online crime

Thai authorities announced that they will block access to unauthorized cryptocurrency platforms. The decision was made after a meeting of the Technology Crime Prevention and Suppression Committee.

Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 22 April, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2200, previous strong support from November.

Fintech

TT now enables users to create synthetic multi-leg instruments

“TT Splicer combines the ease and flexibility of TT’s market-leading Autospreader with the power of our best-in-class execution algos to uniquely minimize slippage and optimize trade execution when trading synthetic multi-leg spreads.”

Fintech

Imandra launches FIX Wizard: AI assistant for FIX connectivity suite

“LLMs hold tremendous promise, but ultimately cannot be trusted in regulated environments. By combining their strengths with scalable, rigorous automated reasoning, we obtain a kind of magic: conversational interfaces with correct reasoning and domain-specific skills.”

Chainwire

Sui Overflow Hackathon Funding Pool Balloons to $1,000,000 as New Sponsors Join

Alibaba Cloud, AngelHack and dWallet are among the latest supporters for the global event.

Institutional FX

Liquidnet launches SuperBlock Matching for equities trading

“The creation of a protected space to trade the most challenging blocks is a direct response to a request from our Membership and is an extension of our existing block trading offering, to facilitate more complex and nuanced trades.”

<