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GFI Securities

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2019

    BGC Partners fined $25 million over forex-options fraud

    Fine or penalty

    Regulators imposed a $25 million fine in connection with fraudulent forex-options practices by brokers at BGC Partners and GFI. BGC and GFI neither admitted nor denied the CFTC's findings; the source says fraudulent practices were accepted as part of the settlement with New York.

    Source excerpt

    • BGC Partners Inc BGCP were charged with $25 million in lieu of settlement of fraudulent practices conducted by the firm's brokers related to option trades.
    • Among the two units, BGC Financial LP has been fined with $15 million, while GFI Securities LLC is likely to pay $10 million.
    • BGC and GFI neither admitted nor denied findings of the CFTC. However, use of fraudulent practices for options trade was accepted as part of the settlement with New York.
    Source