April 29, 2021 | AtoZ Markets – Top executives of GKFX, the brokerage firm that sponsors Premier League side Arsenal have been arrested on what police suspect to be a $29m fraud.
News outlets in Turkey are reporting six former GKFX executives identified as MKY, BK, C.Ö., VS, SE, and RE, have been arrested by Turkish police. Police reportedly raided the firm’s offices in the Maslak business district of Istanbul earlier this week and arrested some of the top bosses.
GKFX executives allegedly embezzled $29 million in client funds
Police are suspecting the executives were involved in embezzling $29m in client funds at the company. The actions reportedly came as a direct result of GKFX’s ownership and its current management working with authorities to identify those involved.
Commenting on the incident, the company’s chairman and chief executive Kasim Garipoglu said:



“This is a former incident which happened in 2020 and did not even impact a single customer. It is already taken care of and surfaced up due to legal actions that we brought against these former employees. Our Group’s 2020 and 2021 (first quarter) results are at an all time high and we are growing business faster than ever.”
No GKFX client affected
GKFX, however, revealed that embezzled funds belonged to the company, and not its customers. The action against the perpetrators was, in fact, taken following a criminal complaint filed by GKFX’s parent company, Global Kapital Group.
In addition, it highlighted that the embezzlement had no impact on the brokerage business, but the other group companies. GKFX is an ECN broker offering forex and CFD trading services.
“This is a former incident which happened in 2020 and did not even impact a single customer,” the Group owner, Kasım Garipoğlu said.
“It is already taken care of and surfaced due to legal actions that we brought against these former employees. Our Group’s 2020 and 2021 Q1 results are at its all-time high, and we are growing business faster than ever.”
The suspects exited GKFX in the first quarter of 2020 and established a broker company called NYFX with the embezzled funds. Additionally, they became partners in several financial services companies, including a crypto exchange.
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