AMF Fines Pank Trading and M5 Forex Method in $1.2M Fraud

Autorité des marchés financiers (AMF), Quebec regulator, fines two FX brands Pank Trading Capital Inc. and M5 Forex Method Inc. and their owner Patrick Kerkhoven.

28 July, 2020 | AtoZ Markets – Forex scams have risen in number recently, and the problem is as bad as the regulator around the world is releasing several recommendations. Forex fraud attracts investors with the promise of getting money quickly, easily and with minimal or no risk. Investors should avoid those who make promises of this kind and may report to the regulator.

Quebec Regulator Charges Pank Trading Capital and M5 Forex Method

Quebec regulator AMF fines Patrick Kerkhoven and his associated firms Pank Trading Capital Inc. and M5 Forex Method Inc. for FX fraud. According to the regulator, these companies were illegally profiting from customers through unregulated forex trading products.

They defrauded more than 50 individual customers and stole more than $1.2 million. The regulator obtained a suspension order from the Financial Markets Administrative Tribunal. These companies cannot engage directly or indirectly in activities related to derivative and securities laws.

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The regulator claims to have been pursuing fraudulent projects since 2017. Besides, it obtained a freezing order on personal property, including bank accounts. The regulator further said:

“The orders sought also intend to order respondent Patrick Kerkhoven not to divest any funds, securities or other assets in his possession or placed with third parties and to order the respondent banks not to divest any funds, securities or other assets deposited with them on behalf of respondent Patrick Kerkhoven. These freeze orders do, however, contain a provision allowing respondent Patrick Kerkhoven to continue to make the monthly payments. He must make under the Consumer Proposal filed with trustee Ginsberg, Gingras et associés inc. under file number 41-2362670, provided that the money used to make those monthly payments is not obtained in violation of the Derivatives Act or the Securities Act.”

Last month, the regulator blacklisted 11 Crypto and FX brands offering illegal services related to FX and crypto-assets. The AMF also warns investors that the unauthorized brokers are at risk of criminal sanctions. The regulator advises them not to accept offers from blacklisted brokers.

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