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BGC Group controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2019

    BGC Partners fined $25 million over forex-options fraud

    Fine or penalty

    Regulators imposed a $25 million fine in connection with fraudulent forex-options practices by brokers at BGC Partners and GFI. BGC and GFI neither admitted nor denied the CFTC's findings; the source says fraudulent practices were accepted as part of the settlement with New York.

    Source excerpt

    • BGC Partners Inc BGCP were charged with $25 million in lieu of settlement of fraudulent practices conducted by the firm's brokers related to option trades.
    • Among the two units, BGC Financial LP has been fined with $15 million, while GFI Securities LLC is likely to pay $10 million.
    • BGC and GFI neither admitted nor denied findings of the CFTC. However, use of fraudulent practices for options trade was accepted as part of the settlement with New York.
    Source

  2. 2012

    Anthony Verrier regulatory prohibition

    The United Kingdom Financial Services Authority prohibited BGC executive Anthony Verrier from performing regulated financial-services functions. The regulator cited concerns about his fitness and propriety after a civil case concerning alleged unlawful recruitment of employees from rival broker Tullett Prebon.

    Source

  3. 2012

    Employment-treatment lawsuit involving a BGC-related business

    A former executive assistant sued a supervisor and related company, alleging repeated verbal humiliation, physical mistreatment, and inadequate response to internal complaints. The allegations were reported in contemporary press coverage and should not be treated as established findings without reference to the case's final disposition.

    Source

  4. 2012

    Credit-rating and profitability dispute

    Press reports described tension between Cantor Fitzgerald, BGC-related businesses, and Moody's over profitability assessments and credit ratings. Moody's downgraded BGC's status to Ba2 in 2012, while subsequent coverage discussed additional rating pressure and challenging trading volumes.

    Source