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scammer caught 

CommexFX License Suspended By CySEC

CySEC reported that they fined CommexFX Ltd €100.000 for numerous reasons, which CySEC detailed as follows:

€82.000 fine for violation of Article 28 (1) of the Investment Services and Activities and Regulated Markets Law of 2007 (the Law). Specifically, violations include:

• the persons who direct the business are not sufficiently reputable and experienced to ensure prudent money management
• lack of adequate internal controls
• inadequate arrangements to safeguard client funds
• failure to maintain adequate records
• being unable to segregate client funds from each other and from the company's operating funds
• failure to make adequate arrangements in the company to minimize against loss of client funds due to negligence or poor administration and other failures

€3.000 fine for not properly advising CySEC of a change to a key position involved in running the company.

€15.000 fine for providing false and/or misleading information to CySEC over the course of its investigations. Abdel Rahman El Amary, a director of CommexFX Ltd, was also fined €30.000 by CySEC for violating this section of the Law.