FCA letter to CFD broker CEOs warns on churn, sending clients offshore, affiliates
According to the FCA approximately 80% of customers lose money when investing in CFDs.
According to the FCA approximately 80% of customers lose money when investing in CFDs.
The trading in these accounts caused the customers to incur more than $2.9 million in trading costs.
Steven Robert Luftschein, while associated with Aegis Capital, churned and excessively traded the accounts of several customers.
Worden Capital’s registered reps excessively traded customers’ accounts, causing customers to incur more than $1.2 million in commissions.