FX week in review: Broker CEO fraud conviction, TFB Cyprus office head, ThinkMarkets SPAC vote set, BUX app rebrand
Top FX industry news stories this past week included:
Cypriot FX boss found guilty of £70M forex fraud.
Tools for Brokers names Head of Cyprus office.
ThinkMarkets SPAC vote date set.
BUX Zero rebrands.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Cypriot FX boss Anthony Constantinou found guilty in absentia of £70M forex fraud. City of London police have announced that a man who ran a ponzi-style investment scam worth in excess of £70 million in the City of London has been found guilty following a seven week-long trial. Anthony Constantinou, 41, a Cypriot and UK citizen, ran Capital World Markets (CWM) which offered investors remarkable returns of 60% per year on allegedly risk-free foreign exchange (FX) markets. Constantinou was found guilty of seven counts of fraud by false representation, fraudulent trading and money laundering at Southwark Crown Court on Monday 22nd May 2023.
FG Acquisition shareholder vote on ThinkMarkets merger set for June 29. Canadian special purpose acquisition company (SPAC) FG Acquisition Corp has filed paperwork with The Canadian Depository for Securities, indicating that the shareholder vote to approve (or reject) its planned merger with Retail FX and CFDs broker ThinkMarkets will take place on Thursday, June 29. The record date for voting is already this coming Friday, May 26 – i.e. only those FG Acquisition Corp (TSE:FGAA.U) shareholders who hold the stock as of May 26 are eligible to vote.
BUX rebrands its investment app from BUX Zero to just ‘BUX’. Amsterdam based neobroker BUX has announced that it has completed the rebrand of its investment application from BUX Zero to simply BUX. The company said that this rebrand is the next step in BUX’s strategy to double down on its flagship application and help their clients build long term wealth. The change from BUX Zero to BUX follows the earlier brand name change of BUX’s CFDs trading platform BUX X to Stryk.
XTB ups dividend from 2022 record profit in lieu of share buyback. Poland based Retail FX and CFDs broker XTB.com (WSE:XTB) has announced that it will alter the planned distribution of its record 2022 profits. XTB will increase the planned dividend paid to shareholders, and cancel the company’s planned share buyback. In early March XTB filed paperwork with the regulatory authorities in Poland indicating that it would pay out 50% of 2022’s profits in the form of a dividend of approximately PLN 381.5 million, and use 25% (or PLN 188.7 million) for a share buyback. The remaining PLN 191.5 million is to be allocated to reserve capital.
Top FX industry executive moves reported at FNG this week included:
❑ Tools for Brokers names Petros Kalaitzis as Head of Cyprus office.
❑ Finalto appoints Paul Groves as Finalto UK B2B CEO.
❑ Exclusive: Yiannis Georgiou named COO at Broctagon Prime.
❑ Exclusive: OvalX exec Wesley Rickards joins Ebury to head Product Operations.
❑ Matthew Briers to step down as Wise CFO.