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

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<