Violation Tracker Individual Record

Company: 
GFI Securities LLC
Current Parent Company: 
BGC Partners
Penalty: 
$5,000,000
Year: 
2019
Date: 
October 2, 2019
Offense Group: 
competition-related offenses
Primary Offense: 
foreign exchange market manipulation
Secondary Offense: 
fraud
Violation Description: 

BGC Financial and GFI Securities agreed to pay penalties totaling $12.5 million to resolve violations of the Martin Act. Both brokerage firms admitted that between January 1, 2014 and December 31, 2015, brokers of foreign exchange currency options for emerging market currencies employed fraudulent practices.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Attorney General
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
brokerage and financial technology
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.