Retail FX broker suspended in Dubai
GFS Investments, a subsidiary of US-based GFS Forex and Futures, must pay $502,000 to defrauded customers by November 30 and a fine of $25,000. Also, nine employees have agreed to refrain from providing financial services in the district for five years, and must pay individual fines ranging between $3,000 and $5,000.
"Our response should send a clear message that we will deal firmly with any firm that fails to maintain standards," said David Knott, chief executive at the DFSA in Dubai.
The
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