Problem CommexFX and Al Omari fined for Misleading Cyprus Regulators

[Master Yoda]

The Cyprus Securities and Exchange Commission (CySEC) just revealed today that it took several measures against CommexFX in the past. CySEC announced its board ruled on November 11, 2013, to impose an administrative fine of €30.000 on Abdel Rahman El Amary and another fine of €100.000 on CommexFX.

Full Article: CommexFX and Director Fined for Misleading Cyprus Regulators | Finance Magnates

 

[Pharaoh]

Here it is on Cysec:

http://cysec.gov.cy/CMSPages/GetFile.aspx?guid=3b4f7465-12f7-4a97-abe0-7570bc5069aa

and

http://cysec.gov.cy/CMSPages/GetFile.aspx?guid=1bc25631-eac3-4760-8143-aa018d0e480c

Nice of Cysec to delay mentioning these sort of fines until long after the fact.

 

[Master Yoda]

Here it is on Cysec:

http://cysec.gov.cy/CMSPages/GetFile.aspx?guid=3b4f7465-12f7-4a97-abe0-7570bc5069aa

and

http://cysec.gov.cy/CMSPages/GetFile.aspx?guid=1bc25631-eac3-4760-8143-aa018d0e480c

Nice of Cysec to delay mentioning these sort of fines until long after the fact.

You're right, this is their way to cover their asses...

 

[TheLoser]

I think you guys should have a big warning sticky note in the forum…"Stay away from CySEC regulated brokers". This is unbelievable!

 

[Pharaoh]

Personally, I find Cysec finally taking actions against some of the worst brokers out there to be encouraging. I still can't recommend Cysec as a reliable regulator, but my own opinion of Cysec has begun to slowly improve.