NEW YORK, Feb. 7, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at FXCM Inc. ("FXCM" or the "Company") (NASDAQ: FXCM).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that FXCM engaged in false and misleading solicitations of its retail foreign exchange customers.
Specifically, on February 6, 2017, the Commodities Futures Trading Commission ("CFTC") charged the Company's Chief Executive Officer Dror Niv and Director William Adhout with "engaging in fraudulent activities with respect to its FXCM's retail customers." The Company claimed to customers that it used an order execution model that engaged directly in the market without going through a market maker. The CFTC claims that FXCM instead routed orders through market maker Effex Capital LLC, an entity controlled by FXCM, in exchange for kickbacks on profitable trades. FXCM has been ordered to pay a $7 million fine.
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If you invested in FXCM stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/FXCM. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding FXCM's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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