Forex Boss Gets 12-Year Ban For Misusing Client Funds

Law360, London (October 21, 2019, 12:46 PM BST) -- The boss of a U.K. foreign-exchange trading company has been barred from managing a business for 12 years after an investigation found he had abused more than £2.5 million ($3.3 million) in client funds, a government agency said Monday.

Frank Deal ran London-based Foreign Exchange Ltd., which executed currency trades for its clients between 2003 and 2017, when it entered liquidation, the Insolvency Service said.

Investigators looked into Deal's conduct and found that, between October 2013 and October 2016, he had caused the company to misappropriate client funds totalling approximately £2.5 million.

Some 31 clients of the firm contacted the police,...

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