Fraud By Forex Brokers

The scourge of Forex fraud still remains and the case against Xcore Capital, heard in the High Court this week, starkly highlights the nature of the perpetrators. 

Jonathan Chitty, a director of Xcore Capital, lost against the Financial Conduct Authority and the Court has ordered him to pay a fine amounting to £917,231 after it became clear that, not only was the firm unauthorised, but the money the investors trusted Xcore to invest on their behalf was used by Jonathan Chitty to open an office in Mayfair, pay the staff wages and fund his luxury lifestyle.   A considerable amount was applied to his personal spending, such as £24,000 Rolex and £102,000 of cryptocurrencies; a further £58,000 was spent on other luxury purchases as well as £20,000 towards his wedding.