Director of FX broker Numex gets 8-year ban
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.