Cyprus Firm Settles Forex Charges; CFTC Says Company Was Unregistered

A Cyprus-based firm, Windsor Brokers Ltd., agreed March 6 in the U.S. District Court for the Northern District of Illinois to pay a $140,000 fine to settle Commodity Futures Trading Commission charges it unlawfully solicited U.S. customers to trade foreign currency futures and options by operating as an unregistered retail foreign exchange dealer (CFTC v. Windsor Brokers Ltd.).

In addition to paying a fine, the firm also agreed to be permanently barred from violating certain provisions of the Commodity Exchange Act, and to “prominently display” a notice on its website saying it does not provide services ...