CFTC Slaps $11 Million Fine on Estonian FX Broker Tallinex

[kreslik.news]

A Utah federal judge on Wednesday approved a more than $10 million settlement in the Commodity Futures Trading Commission’s case against Estonian forex broker Tallinex for soliciting funds from US retail FX traders without being registered.

U.S. District Judge David Nuffer issued a consent order for permanent injunction, civil monetary penalty and other relief in the case against Tallinex and its Nevada-based IB General Trader Fulfillment (GTF). The order requires St. Vincent and the Grenadines-licensed brokerage to pay $10.3 million in restitution as well as a civil penalty of $680,000. The introducing broker has also agreed to pay $85,000, ... (read more)