The nail that sticks out gets hammered back in
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CFTC: FXCM To Pay Over $14.2 Million To Settle Charges
FXCM Inc. (FXCM) agreed to pay over $14.2 million to settle charges that the retail foreign-exchange brokerage didn't always offer clients the best exchange rates, the Commodity Futures Trading Commission said Monday. The $6 million fine and nearly $8.3 million in restitution to customers comes on top of a $2 million fine in August with the National Futures Association, an industry group. While the restitution comes out to about $17 per affected customer, the total settlement is relatively large for a CFTC action, and among the biggest ever for the NFA, analysts said. In a statement, the CFTC said FXCM failed to ... (full story)
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