Federal Court Orders IB Capital FX, LLC, Michel Geurkink, And Emad Echadi To Pay More Than $35 Million In Restitution And A Civil Penalty For Soliciting At Least $50 Million From Members Of The Public To Trade Forex, Without Being Registered With The CFTC

The U.S. Commodity Futures Trading Commission (CFTC) obtained a Consent Order against Defendants IB Capital FX, LLC (a/k/a IB Capital FX (NZ) LLP) d/b/a IB Capital (IB Capital), Michel Geurkink, and Emad Echadi, requiring them to pay, jointly and severally, $35 million in restitution to defrauded customers and a $420,000 civil monetary penalty for soliciting and accepting at least $50 million from approximately 1,850 customers in the United States and worldwide for off-exchange margined retail foreign currency (forex) trading, without being registered with the CFTC as is required.