Investor Suing For $53.5M Steps Up Forex Fraud Claim

Law360, London (January 3, 2020, 3:40 PM GMT) -- An investor suing Ikon Finance for allegedly transferring his foreign-exchange account unlawfully to another broker is arguing in court documents that the financial company perpetrated a potential fraud and caused him significant financial loss.

Hafez Fakhri Taji Al Farouqi is seeking $53.5 million from Ikon and Hantec Markets Ltd., the company to which his account was transferred.

Al Farouqi has taken aim at Ikon Finance Ltd.’s defense to his suit over the allegedly misappropriated funds, filing a reply disputing the company’s assertion that it complied with regulatory rules during the transfer of his trading account in 2017 when the Financial Conduct...

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