FXCM Fined $6.7 Million for Taking U.K. Customers’ Profits
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Britain’s markets watchdog fined Forex Capital Markets Ltd. 4 million pounds ($6.7 million) for holding on to trading profits earned by U.K. customers, in the latest scandal for the foreign-exchange industry.
The group took about 6 million pounds of retail clients’ profits between 2006 and 2010, while passing on losses in full, the Financial Conduct Authority said in an e-mailed statement. The firm also failed to tell the FCA that agencies in the U.S. were investigating another part of the group for the same behavior.