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CFTC found that Southwest Group offered customers forex transactions through a “Premium + Layaway Program” financing option. The “program” was financed by Southwest Group while acting as the counterparty to these retail forex transactions.
It took 30 or 45 days for the retail customers to receive their forex instead of the usual two.
The US watchdog urges investors to verify the company’s registration with the CFTC before spending money.
Read More:
- CFTC charges several companies and individuals for defrauding investors and a church
- CFTC fines Gain Capital UK nearly $500K for registration and supervision violations
- CFTC files a $1.5 Million forex fraud scheme charges against GNTFX оwner
The post Southwest Group to pay $75K for conducting forex exchange transactions without registration appeared first on LeapRate.
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