On September 26, 2018, the Financial Times reported that TFS-ICAP, the foreign exchange brokerage firm, pleaded guilty to securities fraud in relation to a criminal investigation by the New York Attorney General’s Office into foreign exchange currency options. The charges stem from an investigation into the posting of fake trades, bids, and offers — commonly called “spoofing” — by interdealer brokers in foreign exchange markets launched in October 2015.
According to court documents filed in connection to the pleas, brokers at European-affiliated, TFS-ICAP Limited and TFS-ICAP LLC, showed fake trades in Latin American FX options to traders in New York to create the false impression of liquidity in the market and therefore, encourage them to trade.
If you were a customer of TFS-ICAP who traded foreign exchange options and believe you may have been a victim of mispricing or overcharges, please contact our office for a review of your situation. You can contact Jake Zamansky at (212) 742-1414 or firstname.lastname@example.org