A group of 25 French victims urges the French and Cypriot financial market authorities to investigate the supposedly illegal scheme between the trading platforms Dr. Trader and IronFX.
We may reasonably conclude that Dr. Trader, a trading account manager, has led many traders to lose more than a million euros outside the frameworks of European regulations in Bermuda.
Such an act was made possible thanks to the acts of IronFX, and was already reported several times to the French (AMF) and Cypriot (CySEC) Market Authority.
“According to our clients, more than a thousand people would be victims of this scheme. Legal procedures exist to recover lost funds due to such misconduct, and the competent authorities must investigate.” in the opinion of Konstantin Mikov, Lawyer of the collective formed against Dr. Trader and IronFX
“We would say that Dr. Trader is illegally selling financial products in France, in illicit association with IronFX Cyprus and IronFX Bermuda as neither Dr. Trader nor IronFX Bermuda is authorized to provide financial services in the European Union. Such an organization between unregulated platforms in Europe and Iron FX Cyprus should be deemed contrary to the Financial Instruments Markets Directive (MiFID).” is the defense strategy of Law Firm Mikov & Attorneys.
IronFX is a well-known brand in the field of online Forex trading. This broker has offices in Cyprus, London, Johannesburg, and Sydney and is authorized in France by CySEC through his European passport. IronFX has committed wrongdoing in the past and the authorities have investigated its activities. Thus, in December 2017, and in November 2015, CySEC issued a decision against IronFX because of alleged regulatory violations. Consequently, IronFX paid EUR 335 000 as a result of the investigations carried out.
It is not the first time that Law Firm Mikov & Attorney reports IronFX’s schemes to the CySEC and the AMF. The competent authorities must investigate such an irregularity, in light of the precedents.
Nicolas Rosemond, Director of Development at Law Firm Mikov & Attorneys
Mikov & Attorneys and the author of this article are regularly engaged in the collection and dissemination of information to the public. Law Firm Mikov & Attorneys and the author of this article waive liability if there is inaccuracy in the facts provided by traders that were used in this article. The article aims to share experience, warn the interested parties and the authorities, and prevent potential losses. It was written in good faith, based on the testimonies of traders who have lost their investments, and expresses the opinion of the lawyers dealing with their cases.