‘Wolf of Wall Street atmosphere’: Forex CT fined $20m for misconduct

Discussion in 'Retail Brokers' started by themickey, Apr 30, 2021.

  1. themickey


    ‘Wolf of Wall St atmosphere’: Forex CT fined $20m for misconduct
    By Sarah Danckert May 1, 2021

    When a client of large contracts for difference seller Forex Capital Trading deposited money in their accounts they thought they were making a bet on their financial future with an upstanding financial services house that followed the rules.

    But a court has heard that instead, they found themselves in a boiler room that staff have described as having a Wolf of Wall Street atmosphere, referencing the famous Hollywood movie on stock fraudster Jordan Belfort.

    Clients would have had no idea that every time a customer was pressured into making a new deposit to bet using a contract for difference (CFD), the managers in Forex CT’s offices on the top floor in a St Kilda Road office tower in Melbourne would ring a bell to celebrate the bonus earned by the account manager. These bonuses were so big they could sometimes exceed the base salary of sales staff.

    ....more @ .....
    Onra likes this.
  2. Overnight



    themickey likes this.