CySEC starts compensation payments to CommexFX clients
May 05, 2017 at 13:15
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5 Replies
Member Since Dec 11, 2015
1487 posts
May 05, 2017 at 13:15
Nearly a year after the Cyprus Securities and Exchange Commission (CySEC) decided to withdraw the license of the forex broker CommexFX and less than a month after the regulator finally made it public, the regulator said it is starting the compensation payments process.The procedure will be handled by the Investor Compensation Fund for Clients of IFs (I.C.F). (https://smnweekly.com/2017/05/04/cysec-starts-compensation-payments-to-commexfx-clients/)
Took them long enough.
Took them long enough.
Member Since Apr 18, 2017
38 posts
Jun 08, 2017 at 10:30
CommexFX is a big scam! This fraud broker blocked my account after making 300% profit without any notice! So I wanna advice all of forum members, please stay away from this 3rd class broker!
Jun 08, 2017 at 13:55
ChenLipKeong posted:
CommexFX is a big scam! This fraud broker blocked my account after making 300% profit without any notice! So I wanna advice all of forum members, please stay away from this 3rd class broker!
That is correct. CommexFX is a big scam!. I remember they had just a bit nice advertising board on the Larnaca (CY) airport, but this is all from the nice side of the Stavros's company designed to benefiting from the client's losses (MM business). :)
Jun 08, 2017 at 15:23
Yes , CySEC should have started with the refunds in a shorter period. They are a good regulator, removing scammers and bad brokers, but they should improve their fast execution in regulating. I think this is not the first time that I hear that it took them more time then it should ...
Accept the loss as experience
Member Since Dec 11, 2015
1487 posts
Jun 12, 2017 at 10:27
At least CySEC is penalizing them. The regulator published a series of board decisions to penalize seven employees of the CommexFX forex broker. The total sum of the fines imposed on them amounts to the spectacular €405 000, plus prohibition in the exercise of professional activity for the worst offenders. (https://smnweekly.com/2017/06/08/cysec-fines-6-commexfx-employees-e385-000-total/)
The biggest fine went to Abdel Rahman Alimari, shareholder of CommexFX, who was fined €200 000 and was banned from exercising professional activities related to the financial sector for a period of ten years. Other employees also got hefty fines and bans from working in the financial sector.
The biggest fine went to Abdel Rahman Alimari, shareholder of CommexFX, who was fined €200 000 and was banned from exercising professional activities related to the financial sector for a period of ten years. Other employees also got hefty fines and bans from working in the financial sector.
forex_trader_29148
Member Since Feb 11, 2011
1916 posts
Jun 13, 2017 at 06:31
mlawson71 posted:
At least CySEC is penalizing them. The regulator published a series of board decisions to penalize seven employees of the CommexFX forex broker. The total sum of the fines imposed on them amounts to the spectacular €405 000, plus prohibition in the exercise of professional activity for the worst offenders. (https://smnweekly.com/2017/06/08/cysec-fines-6-commexfx-employees-e385-000-total/)
The biggest fine went to Abdel Rahman Alimari, shareholder of CommexFX, who was fined €200 000 and was banned from exercising professional activities related to the financial sector for a period of ten years. Other employees also got hefty fines and bans from working in the financial sector.
Abdel Rahman Alimari
heard that name in the past when reading something about crooked brokers
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