London after being banned from United States markets for defrauding its customers. FXCM to its customers and to regulators. FXCM withdrew its CFTC registration and agreed not to re-register in the future, effectively banning it from trading in the United States. Three top managers have resigned under regulatory pressure and the majority forex fines 2014 of the firm has changed its name to Global Brokerage Inc.
Global Brokerage owns a 74. Global Brokerage Holdings, which owns 50. Leucadia National Corp owns the other 49. 123 million as of March 31, 2017. FXCM owns all the operating companies including FXCM UK. Leucadia does not own any shares in Global Brokerage. Ken Grossman is CEO of Global Brokerage.
Drew Niv, who had earlier resigned the position, was interim Chief Executive Officer of Global Brokerage until about May 15, 2017. 1,000,000 if he stays in the position for a full year, but his tenure will terminate in one year. At FXCM Brendan Callan is the CEO and Jimmy Hallac of Leucadia is Chairman of the Board. 12 million in May 2017. Cash generated by FXCM is first applied to pay off the debt owned by Leucadia, which may force a sale of FXCM in January 2018 if the debt is not paid. 6 million on the sale. The deal is expected to close in the third quarter of 2017.
At least three sets of lawsuits have been filed against the parent firm, Global Brokerage, Inc. Former customers contend that they were defrauded by the claim that they were trading on a “no dealing desk” system. 460,000 in profits for her were simply cancelled. FXCM says that the trades were cancelled because the prices they quoted were changed more slowly than actual market prices, and that Shurbanova was trading to take advantage of the price discrepancies.