3 July, AtoZForex.com – Billionaire Teddy Sagi’s company, Safecap Investments under markets.com brand name has come under the radar of the Cyprus Securities and exchange commission. CySEC has informed the public about a levy on Safecap Investments.
The regulators has issued a penalty of €168.000 to CIF Safecap Investments Ltd, stating that ‘the Company has been fined “for violating the Investment Services and Activities and Regulated Markets Law of 2007, as in force, the Directive DI144-2007-01 of 2012 for the Authorisation and Operating Conditions of CIFs, the Directive DI144-2007-02 of 2012 for the Professional Competence of Investment Firms and of the Natural Persons Employed by Them and other laws.”
As CySEC fines Safecap Investments, the decision was reached after extensive investigation into the matter following onsite investigations carried out in May 2013, and in October 2014, an onsite inspection at the Company’s offices.
Cyprus Investment Firm (CIF) Safecap Investments Ltd, the holdings company owned by Teddy Sagi is a member of global group of companies whose services include Forex, CFDs and Binary brokerages, gaming, payments services, technologies and risk management solutions for online and mobile businesses.
The brand behind Cyprus Investment Firm (CIF) Safecap Investments Ltd is the famous markets.com Forex and CFDs broker owned by the Israeli Billionaire Teddy Sagi who has been extending his strength in the Forex industry haven recently acquired Avatrade for $105 million via its subsidiary, TradeFX Limited (“TradeFX”). This adds to its ownership of Markets.com and TopOption. Also, Following playtech’s bid to successfully acquire a controlling stake in the ailing Plus500, the agreement reached by the board of the companies valued the broker at only 400 pence per share in cash.