Illegal scheme between La Maison du Placement and IronFX?Law Firm Mikov & Attorneys reveals a supposedly illegal scheme of trading between La Maison du Placement and IronFX and invites the AMF and the CySEC, Europeans financial market authorities to investigate.
La Maison Du Placement platform, which provides unauthorized financial services in France, has led many individuals to invest outside the framework of European regulations. Such a presumably illegal act was possible thanks to IronFX’s involvement, a platform monitored by the French and Cyprus market authorities – AMF and CySEC.
”My request to withdraw EUR 20,000 from IronFX was never processed, and they closed my account with a false balance of 44cts. As a retired 89-year-old man, inexperienced in computer and financial tools, I doubted ever to see my money again” testified Albert K. victim of La Maison Du Placement and IronFX, represented by Law Firm Mikov & Attorneys.
We suspect that La Maison Du Placement used false registration statements from the Bank of France to gain the trust of its clients. French clients shared that in order to invest with La Maison Du Placement, they had to refer to IronFX registered in Australia. However, Albert K’s pieces of proof attest that IronFX, authorized by the CySEC, has received his investment.
In our opinion, such an organization between European customers, unregulated and regulated platforms is illegal. It is contrary to the Financial Instruments Markets Directive (MiFID) to which IronFX is subject.
Iron FX is a well-known brand in the field of online Forex trading. It has offices in Cyprus, London, Johannesburg, and Sydney,and is authorized in Europe, including France,by the CySEC. IronFX has committed wrongdoing in the past and the authorities have investigated its activities. Thus, in December 2017, and in November 2015, as a result of the investigations carried out CySEC issued a decision against IronFX because of established regulatory violations. Thus, IronFX paid a fine of EUR 335 000.
To date, Law Firm Mikov & Attorneys, as part of its mandate, has not received a response from any participants of this allegedly illegal scheme. IronFX has not yet acknowledged the formal claims for explanation and compensation. Thus, Law Firm Mikov and Attorneys’ lawyers believe that this questionable scheme affected even more victims since La Maison Du Placement – lmdp.uk – is still active.
References:
- AMF: https://www.amf-france.org/fr
- CYSEC: https://www.cysec.gov.cy/en-GB/home/
- Law Firm Mikov & Attorneys: https://www.mikov-attorneys.com
Mikov & Attorneys and the author of this article are regularly engaged in the collection and dissemination of information to the public. Law Firm Mikov & Attorneys and the author of this article waive liability if there is inaccuracy in the facts provided by traders that were used in this article. The article aims to share experience, warn the interested parties and the authorities, and prevent potential losses. It was written in good faith, based on the testimonies of traders who have lost their investments, as well as on publicly available information, and expresses the opinion of the lawyers dealing with the respective cases.
