The Cyprus Securities and Exchange Commission (CySEC) today announced that the Investors Compensation Fund (ICF) has withdrawn the ICF membership of the member Bogofinance Capital Markets Ltd.
It is noted that, in accordance with paragraph 6(3) of the Directive, the loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.
The withdrawal of the ICF membership was carried out after CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of Bogofinance Capital Markets Ltd.
As FX News Group has reported, Bogofinance, which traded as FXJet, shut down shortly after the withdrawal of the CySEC license.
Bogofinance was set up in Lebanon in 2006 as a Central Bank of Lebanon licensed retail FX broker. The company was founded by Lebanese businessman Joseph Boghos, and the CySEC entity was run by the former Head of Operations in Lebanon Mirella Mansour, who served as Executive Director of Bogofinance Capital Markets Ltd from 2017-2019. Mr. Boghos’ son Patrick also served as a director of Bogofinance Capital Markets Ltd.