A US Court has ordered Tallinex Ltd., an Estonian company, licensed in St. Vincent and the Grenadines to pay 10,289,391 USD in restitution to U.S. Customers, as well as a 681,888 USD civil penalty, the U.S. Commodity Futures Trading Commission (CFTC) says. (https://www.forexbrokerz.com/news/estonian-fx-broker-tallinex-ordered-to-pay-back-10-million-usd-to-us-citizens)
The Court found that Tallinex operated as a forex broker without a license by “soliciting or accepting orders for leveraged or margined forex transactions from retail U.S. customers, and offered to be or was the counterparty to such contracts with its customers” without being registered with the CFTC as a retail forex dealer.
The Court also found that Tallinex defrauded US citizens “by knowingly or recklessly misrepresenting or omitting material facts”, falsely claiming to be lawfully doing business in the United States and that customer funds were segregated and protected in the event of Tallinex’s financial collapse.
The Court found that Tallinex operated as a forex broker without a license by “soliciting or accepting orders for leveraged or margined forex transactions from retail U.S. customers, and offered to be or was the counterparty to such contracts with its customers” without being registered with the CFTC as a retail forex dealer.
The Court also found that Tallinex defrauded US citizens “by knowingly or recklessly misrepresenting or omitting material facts”, falsely claiming to be lawfully doing business in the United States and that customer funds were segregated and protected in the event of Tallinex’s financial collapse.