TFS-ICAP Pleads Guilty to FX Options Securities Fraud

[kreslik.news]

United Kingdom-based brokerage firm TFS-ICAP LIMITED and its affiliate in the United States TFS-ICAP LLC, have both plead guilty to securities fraud, Attorney General Barbara Underwood said. On Wednesday, the two brokers admitted to posting fake trades in emerging markets forex currency options – a practice that management was aware of and allowed.

In front of the New York City Criminal Court Administrative Judge Kevin McGrath, both companies each plead guilty to one count of securities fraud under New York’s Martin Act. Furthermore, they both made a civil settlement agreement with the Attorney General’s office.

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