Estonian FX broker Tallinex ordered to pay back $10 mln. to US citizens

Discussion in 'Forex Brokers' started by mlawson71, Jul 24, 2018.

  1. 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.
  2. Sig


    Much like the new European General Data Protection Regulation I'm not sure how they could possibly enforce such a penalty on a non-us company for breaking a completely U.S. specific law that neither Estonia nor St. Vincent and the Grenadines has an analog for. They're not going to enforce such a law, you can't extradite a company nor would they extradite a person for doing something that isn't a crime in their country, that entity is never going to set up shop in the U.S. where they would be subject to CFTC jurisidiction...seems rather pointless?
    d08 likes this.
  3. FX_Hedge


    So MF Global and PFG are completely missed by regulators and they ding around with crap like this???

    Between regulators and the junk Dodd-Frank law the US trading environment is a losing trade. ;-)
    ElectricSavant likes this.
  4. FX_Hedge


    Remember! You can't fish in the public access lake without your fishing license!!!

  5. d08


    US regulators come down hard on foreigners typically. It does not matter if they are in the UK, New Zealand or Estonia. Laws of other countries are irrelevant, true imperialism.
  6. Hey You, quit dissin Russ, it wasn't his fault.

    IT WAS


    The Ever Alien VIPER
    mlawson71 likes this.
  7. FX_Hedge


    I just found out about another significant US based FX group moving offshore...I don't blame any of them for leaving! I do think dodd-frank was created by globalist agenda aliens.
  8. That meme never fails to crack me up, thanks for reminding me. :D
  9. Hey M, you know the best part of the PFG saga was that PFG had the absolute most stringent compliance for being an IB or trading Block Accounts in the industry, but their owner was SCAMMING everyone and everything he could.

    Dude, it had to be Aliens :D:D:D

    The Ever Remembering Russ's Cadillac VIPER