Investor's $53M Forex Fraud Claim Falls Flat

Law360, London (June 12, 2020, 2:09 PM BST) -- A judge on Thursday threw out an investor's lawsuit accusing a foreign exchange company and a financial broker of defrauding him out of tens of millions of dollars, saying it was "fanciful" to believe they had faked trades that caused him substantial losses.

Judge Amanda Tipples struck out the $53.5 million High Court lawsuit brought by Hafez Fakhri Taki Al Farouqi, who accuses forex company Ikon Finance and a broker, Hantec Markets Ltd., of misappropriating investment funds.

The judge found that there was no evidence to support suggestions that the two companies deceived Al Farouqi or breached financial regulations when they closed out...

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