The management of the Cypriot Falcon Brokers severely punished by CySEC

10 July this year Cypriot financial supervision, CySEC, announced the imposition of severe penalties on four directors of Falcon Brokers Limited. The license of this broker was withdrawn last April, and only now have decisions been made to what to do with the management.

Financial penalties and the ban on practicing

The entire investigation took about 18 months. The decisions that were made last Monday are the culmination of the whole process of Falcon Brokers' illegal activity. All four of them were fined financially for a total of 195 thous. EUR and was banned from taking up the profession in the financial sector even until the 5 years.

• Mohammed Yahya Amin Al Ansari - EUR 150 fine and five-year suspension,
• Marwan El Daouk - EUR 25 fine,
• Khalid Ahmad Emran Abdo - EUR 10 fine and two-year suspension,
• Wael Ata Elayyan Jaber - EUR 10 fine and two-year suspension.

CySEC justifies its decision with non-compliance with obligations imposed on licensed institutions when the CIF authorization is canceled. The management team did not ensure compliance with the provisions of Cypriot law, continuing to offer Falcon Brokers services to clients from Cyprus and Europe.

Demetra Kalogerou, president of CySEC:

"Senior managers of Falcon Brokers Limited have not fulfilled their obligations to ensure that the company will properly protect investors and their financial resources. As I have repeatedly emphasized, CySEC has no intention of tolerating improper actions of current or former directors, which is confirmed by the penalties imposed today. "

These are the next decisive actions of CySEC. In the last two years Cypriot supervision has fined over EUR 3 million and withdrew more than 5 license.

The official CySEC message