Estonian FX broker Tallinex ordered to pay back $10 mln. to US citizens
Posted: Tue Jul 24, 2018 11:47 pm
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.
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 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.