Leading foreign exchange brokerage gets lifetime ban in US for trading against clients

‘The US Commodity Futures Trading Commission (CFTC) has banned Forex Capital Markets, parent FXCM Holdings LLC and founding partners Drew Niv and William Ahdout from ever operating again for taking positions opposite its customers.
The company has agreed never to seek to register with the CFTC again, which means it will never be able to operate in America. It will also pay $7 million to its swindled clients.
FXCM was the largest retail foreign exchange dealer (RFED) in the US, with an estimated market share of about 34 percent in December, according to data, quoted by Zerohedge. In 2015, its trading volume was $3.9 trillion.
“Between September 4, 2009, though at least 2014, FXCM engaged in false and misleading solicitations of FXCM’s retail customers by concealing its relationship with its most important market maker and by misrepresenting that its ‘No Dealing Desk’ platform had no conflicts of interest with its customers,” said CFTC in a statement.’
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