Which Forex Broker’s employee did Cyprus police arrest?


So, who is this lucky Romanian Forex Broker Employee? Which Forex Broker’s employee did Cyprus police arrest? Limassol Police said 36 years old works for this fairly new CySEC regulated Forex broker.

Forex industry is quite unethical! It is no surprise that many Forex brokers do unethical activities, we all know them! This is the reason why we take extra measures checking every single broker for their standards before allowing them to on AtoZForex.com and only those who pass the test become AtoZ Approved Forex brokers (so far only 6 brokers have passed the test). But rarely you would see a Forex Broker employee being arrested for his/her unethical activities. Well, this time we have seen the unusual, on Friday one of the leading Cyprus news agencies shared a headline on a case where Cyprus Police arrested Forex Broker employee which we have got more background to the story.

If you are a trader you need to understand that cold calling from Forex brokers is against the regulatory frameworks. Although brokers do not have the authority to cold call possible clients, many brokers literally do not care about this factor and they will do their best to get the lead database of one of their competitors.

I have been in the Forex market for the last 8 years. During my operations I have seen media companies trying to sell pre-called or pre-activated leads, I have seen fresh brokers hiring employees from one of their big broker competitors and convincing them to bring list of leads (they call it “portfolio”) from their previous firms and even some “loyal” employees would tend to sell CRM extracts for a fee.

Ex-employees tend to sell client data

As an example, just before Liquid Markets seized their operations some of their sales people were broker hopping trying to sell their excel file. When the SNB black swan event caused Alpari UK go under special administration, we saw some “smart” people sending emails pitching to sell Alpari UK database for $25,000 or when ACFX CySEC License got suspended we saw multiple Account Managers going broker to broker asking as low as $5,000 for ACFX client list.

Ex-employees tend to steal best practices

I used to live in Cyprus in 2012, just before troika hit Cyprus banking system. I can vividly remember ex FXPro dealers getting the best practices, then ex Easy-Forex (now Easy Markets) personnel trying to copy the same IB model in different brokers, or even two managers who were sacked from one Forex broker getting their entire teams with them to establish another Forex broker in Indonesia. But even then, none of these people got arrested! Often it is just a warning emails and some lawyers being involved and things get to be forgotten.

Which Forex Broker’s employee did Cyprus police arrest?

So, who is this lucky Romanian Forex Broker Employee? Which Forex Broker’s employee did Cyprus police arrest?

AtoZForex assigned a group of Cyprus based professionals trying to figure out what really happened and which Forex Broker’s employee did Limassol police arrest. After a long discussion, one of the Limassol police members decided to speak up if we promised not to share his identity.

According to the information provided by the Limassol Police Force officer, the case evolved on a report the police force received  about illegal business transaction taking place in one of the local cafes in Limassol.

There were two brokers’ employees involved in the “transaction”. The one trying to sell the USB file with leads and other reports is officially not announced yet, however according to our contact at Limassol Police Department, the suspect works for a fairly new broker called BCFX Broker. She is 36 years old, Romanian national and she is not working neither on Marketing nor on Sales side of the operations.

The 36 years old appeared to have the urge to make quick EUR6.000, thus she came all prepared with a USB full of data inside and she received EUR6.000 in return but it did not last long before the suspect was busted by the police. She appears to have admitted her crime. More information to follow from the Limassol Police Department.

Meanwhile, AtoZForex team is also trying to reach out to involved brokers to get an official statement as well.

What about you? How many times have you received a call from a broker that you have never heard of?

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