Leucadia's FXCM Exits U.S. After Founders Fined for Abuses
- Gain Capital signs letter of intent to purchase U.S. accounts
- Deal follows regulatory investigation that barred a subsidiary
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FXCM Inc., the currency-trading firm bailed out by Leucadia National Corp., plans to withdraw from the U.S. and sell its accounts there to Gain Capital Holdings after a subsidiary and two founders were punished for misleading customers.
The move will free up about $52 million in capital and help pay down debt to Leucadia, FXCM said Monday in a statement. Customer accounts outside the U.S. aren’t affected, it said. The deal -- outlined in a non-binding letter of intent with Gain -- follows settlements with U.S. regulators that barred the company’s Forex Capital Markets subsidiary from key businesses.