‘Wolf of Wall St atmosphere’: Forex CT fined $20m for misconduct
By Sarah Danckert May 1, 2021
When a client of large contracts for difference seller Forex Capital Trading deposited money in their accounts they thought they were making a bet on their financial future with an upstanding financial services house that followed the rules.
But a court has heard that instead, they found themselves in a boiler room that staff have described as having a Wolf of Wall Street atmosphere, referencing the famous Hollywood movie on stock fraudster Jordan Belfort.
Clients would have had no idea that every time a customer was pressured into making a new deposit to bet using a contract for difference (CFD), the managers in Forex CT’s offices on the top floor in a St Kilda Road office tower in Melbourne would ring a bell to celebrate the bonus earned by the account manager. These bonuses were so big they could sometimes exceed the base salary of sales staff.
....more @ .....
https://www.smh.com.au/business/ban...fined-20m-for-misconduct-20210429-p57ng9.html
By Sarah Danckert May 1, 2021
When a client of large contracts for difference seller Forex Capital Trading deposited money in their accounts they thought they were making a bet on their financial future with an upstanding financial services house that followed the rules.
But a court has heard that instead, they found themselves in a boiler room that staff have described as having a Wolf of Wall Street atmosphere, referencing the famous Hollywood movie on stock fraudster Jordan Belfort.
Clients would have had no idea that every time a customer was pressured into making a new deposit to bet using a contract for difference (CFD), the managers in Forex CT’s offices on the top floor in a St Kilda Road office tower in Melbourne would ring a bell to celebrate the bonus earned by the account manager. These bonuses were so big they could sometimes exceed the base salary of sales staff.
....more @ .....
https://www.smh.com.au/business/ban...fined-20m-for-misconduct-20210429-p57ng9.html
