Former Varengold exec quits Head of Trading position at GBE Brokers – Exclusive
After four years at GBE Brokers, Markus Joern has left his position as Chief Dealer. He arrived in Malta from Varengold Bank in Gemany, along with several former Varengold executives that were recruited by GBE Brokers during its inaugural years.
FinanceFeeds has today learned that Markus Joern, Head of Trading at CySec regulated, German-based retail FX brokerage GBE Brokers (also known as Sensus Capital Markets) has left the company.
Mr. Joern joined Sensus Capital Markets in November 2012 from Varengold Bank, where he held the prestigious position of Head of Capital Markets Brokerage at the German bank.
At that time, Sensus Capital Markets/GBE Brokers hired a number of former Varengold Bank staff, and Mr. Joern moved from Hamburg, in his native Germany, where he was based during his 6 year tenure at Varengold Bank, where he progressed from his initial position as a trainee in 2006 into Asset Management, before becoming Trading Team Leader in 2008.
Mr. Joern’s career at Varengold then made its way into executive territory, as he became Head of Trading, and then Head of Capital Markets before leaving the company and relocating to Malta in 2012 to join Sensus Capital Markets/GBE Brokers.
In April last year, German regulator BaFIN conducted an inspection of Sensus Capital Markets offices in Hamburg, and the Maltese regulator, MFSA, made an inspection of the firm’s Maltese operations following the dismissal by the company of one its shareholders, Martin Huff, who had also had an executive position within the firm as Head of Trading, a matter that was reported in detail in several news sources at the time.
The officials completed a two day inspection and then left the premises in the respective firms, however Mr. Huff’s alleged responsibility for the demise of Swiss brokerage City Trade had prompted the probe.
At the time, Mr. Huff’s affairs were widely reported in Swiss media, which attracted the attention of the authorities. It transpired that the company’s value had been inflated and shareholders lost a fortune following its bankruptcy, resulting in a myriad of legal disputes aimed at Mr. Huff.
Today, a spokesman for GBE Brokers in Germany explained to FinanceFeeds that Mr. Joern’s departure took place last week and that he will be replaced by a new Chief Dealer and Head of Trading, Danny Stadermann in due course.