• About
  • Contact
  • Privacy Policy
  • bitcoinBitcoin$27,422.00-0.77%
  • ethereumEthereum$1,642.77-1.54%
  • xrpXRP$0.533.53%
  • bitcoin cashBitcoin Cash$229.66-5.31%
Cryptovibes.com - Daily Cryptocurrency and FX News
  • Home
    • Cryptovibes French
    • Cryptovibes German
    • Cryptovibes Croatian
    • Cryptovibes Czech
    • Cryptovibes Korean
    • Cryptovibes Danish
    • Cryptovibes Dutch
    • Cryptovibes Finnish
    • Cryptovibes Hungarian
    • Cryptovibes Italian
    • Cryptovibes Japanese
    • Cryptovibes Norwegian
    • Cryptovibes Polish
    • Cryptovibes Portuguese
    • Cryptovibes Romanian
    • Cryptovibes Slovak
    • Cryptovibes Spanish
    • Cryptovibes Swedish
    • Cryptovibes Turkish
  • News
    • PR
  • Analysis
  • Crypto
    • Crypto Presales
    • Bitcoin Minetrix Price Prediction
  • Autotrading
    • Immediate Connect
    • Quantum Flash
    • Bitsoft360
    • Bitcoin360 AI
    • Immediate Edge
    • Bitcoin Code
    • BitAlpha AI
    • Bitcoineer
    • Immediate Experience
    • Quantum AI
    • Bit GPT AI
    • Immediate Bitcoin
    • Vena System
    • Immediate Profit
    • Immediate GP
    • Bitcoin Fast Profit
    • Ethereum Code
    • Immediate Granimator
    • Quantum Prime Profit
    • BitVestment
    • BitIQ
    • BitProfit
    • Bitcoin Edge
    • Bit Index AI
    • Immediate Iplex
    • Yuan Pay Group
    • Metaverse Profit
    • Today Profit
    • Bitcoin Buyer
    • AI Trading Bots
    • Quantum Code
    • Bitcoin Billionaire
    • Bitcoin Circuit
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • BitAI Method
    • Bitcoin Bank Breaker
    • Bitcoin Smarter
    • Bitcoin Robot Guide
    • Bitcoin Oracle AI
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • BitiCodes
    • Crypto Bank
    • Bitcoin Loophole
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • TeslaCoin
    • Bitcoin System
    • Bitcoin Fortress
    • Bitcoin Profit
    • BitQH
    • Quantumator
    • Bitcoin Trader
    • xBitcoin Club
    • Bitcoin Bank
    • Quantum Hancock
    • Chain Reaction
    • Bitcoin Union
    • Crypto Capital
    • CoinTrade1000
    • BitQT
    • Quantum System
    • Libra Profit System
    • Bitcoin Sprint
    • Bitcoin KPEX AI
    • Bitcode Method
    • Bitcoin Millionaire
    • Immediate Fortune
    • Bit Iplex Codes
    • Bitcoin Revolution
    • Bitcoin Method
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • Bitcoin Rush
    • NFT Profit
    • Bitcoin Decoder
    • PBN Invest
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer
No Result
View All Result
Cryptovibes.com - Daily Cryptocurrency and FX News
No Result
View All Result

Morgan Stanley Clamps Down on Four Traders in a Forex Scam

Sherlock Gomes by Sherlock Gomes
November 29, 2019
in FX Industry
Reading Time: 3min read
Morgan Stanley Clamps Down on Four Traders in a Forex Scam
Rate this post

Wall Street heavyweight Morgan Stanley has started taking punitive actions against traders involved in a forex scam. According to sources, the bank has either fired or put four traders on leave for their involvement in a scandal.

The forex scam that started it all

The four traders who were involved in the forex market scam were based in London and New York. According to Bloomberg, two of these people were senior New York-based traders, Mitchell Nadel and Thiago Melzer. They were running a macro trading and emerging-markets desk. Two others were based in London- Rodrigo Jolig and Scott Eisner. The traders allegedly hid the losses to the company.

Morgan Stanley Clamps Down on Four Traders in a Forex Scam

They devised a new scheme to make their investors believe that their emerging market currencies were doing much better than they actually were. Because of this misrepresentative, Morgan Stanley’s spend ran into $100 million to $140 million in losses due to suspected mismarking costs. The mismarking event created the possibility of fraud. It misleads both executives and investors about the value of their investments. Moreover, it misrepresents performance and makes the bank charge a higher fee from their clients.

Bank beefs up its forex business

In recent years, regulators in the US have cracked down heavily on mismarking frauds. They have also indicted several people in relation to these frauds. The latest probe in Morgan Stanley’s mismarking focuses more on forex options. This derivative product allows users the right to buy or sell digital currencies at a fixed price on a later date.

According to a survey by the Bank of International Settlements, options volumes have jumped to over $300 billion in a day. This data is supported by stronger OTC markets and a pickup in the spot markets as well.

Morgan Stanley is one of the banks interested in cashing in the rising interest in the forex markets. It has invested extensively in getting the right people and technology onboard for its foreign exchange desks. It invested about $15 million in getting forex technology and trading platform provider. Last year, the derivatives market experienced a meltdown, but investor appetite has returned this year.

Tags: Forex ScamFour TradersMitchell NadelMorgan StanleyRodrigo JoligScott EisnerThiago Melzer

Related Posts

Carlyle To Purchase NSM Insurance From White Mountains In A $1.78B Deal
FX Industry

Carlyle To Purchase NSM Insurance From White Mountains In A $1.78B Deal

May 11, 2022
GBTC FUD Now Over As Last Unlock Totals 58 BTC Only
Crypto news

GBTC FUD Now Over As Last Unlock Totals 58 BTC Only

August 26, 2021
Morgan Stanley’s Acquisition of Solium Gets Approval by Regulatory Agency
FX Industry

Morgan Stanley’s CEO Pay Falls by 7% to $27 Million

January 18, 2020
Facebook Twitter Instagram Telegram RSS Youtube

Newsletter

Like what you're reading? Subscribe to our top stories

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

No Result
View All Result
  • Home
    • Cryptovibes French
    • Cryptovibes German
    • Cryptovibes Croatian
    • Cryptovibes Czech
    • Cryptovibes Korean
    • Cryptovibes Danish
    • Cryptovibes Dutch
    • Cryptovibes Finnish
    • Cryptovibes Hungarian
    • Cryptovibes Italian
    • Cryptovibes Japanese
    • Cryptovibes Norwegian
    • Cryptovibes Polish
    • Cryptovibes Portuguese
    • Cryptovibes Romanian
    • Cryptovibes Slovak
    • Cryptovibes Spanish
    • Cryptovibes Swedish
    • Cryptovibes Turkish
  • News
    • PR
  • Analysis
  • Crypto
    • Crypto Presales
    • Bitcoin Minetrix Price Prediction
  • Autotrading
    • Immediate Connect
    • Quantum Flash
    • Bitsoft360
    • Bitcoin360 AI
    • Immediate Edge
    • Bitcoin Code
    • BitAlpha AI
    • Bitcoineer
    • Immediate Experience
    • Quantum AI
    • Bit GPT AI
    • Immediate Bitcoin
    • Vena System
    • Immediate Profit
    • Immediate GP
    • Bitcoin Fast Profit
    • Ethereum Code
    • Immediate Granimator
    • Quantum Prime Profit
    • BitVestment
    • BitIQ
    • BitProfit
    • Bitcoin Edge
    • Bit Index AI
    • Immediate Iplex
    • Yuan Pay Group
    • Metaverse Profit
    • Today Profit
    • Bitcoin Buyer
    • AI Trading Bots
    • Quantum Code
    • Bitcoin Billionaire
    • Bitcoin Circuit
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • BitAI Method
    • Bitcoin Bank Breaker
    • Bitcoin Smarter
    • Bitcoin Robot Guide
    • Bitcoin Oracle AI
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • BitiCodes
    • Crypto Bank
    • Bitcoin Loophole
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • TeslaCoin
    • Bitcoin System
    • Bitcoin Fortress
    • Bitcoin Profit
    • BitQH
    • Quantumator
    • Bitcoin Trader
    • xBitcoin Club
    • Bitcoin Bank
    • Quantum Hancock
    • Chain Reaction
    • Bitcoin Union
    • Crypto Capital
    • CoinTrade1000
    • BitQT
    • Quantum System
    • Libra Profit System
    • Bitcoin Sprint
    • Bitcoin KPEX AI
    • Bitcode Method
    • Bitcoin Millionaire
    • Immediate Fortune
    • Bit Iplex Codes
    • Bitcoin Revolution
    • Bitcoin Method
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • Bitcoin Rush
    • NFT Profit
    • Bitcoin Decoder
    • PBN Invest
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.