# Federal Court Orders IB Capital FX, LLC, Michel Geurkink, and Emad Echadi to Pay More than $35 Million in Restitution and a Civil Penalty for Soliciting at Least $50 Million from Members of the Public to Trade Forex, without Being Registered with the CFTC

> CFTC release 7485-16 · 2016-11-17 · **Other enforcement** · ENFORCEMENT

## Key facts

- **Release number:** 7485-16
- **Release date:** 2016-11-17
- **Type:** Other enforcement
- **Title:** Federal Court Orders IB Capital FX, LLC, Michel Geurkink, and Emad Echadi to Pay More than $35 Million in Restitution and a Civil Penalty for Soliciting at Least $50 Million from Members of the Public to Trade Forex, without Being Registered with the CFTC
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/7485-16

## What this is

CFTC enforcement actions cover derivatives + commodities + crypto fraud cases. The Commission charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension.


## Citation

> US Commodity Futures Trading Commission, press release 7485-16, "Federal Court Orders IB Capital FX, LLC, Michel Geurkink, and Emad Echadi to Pay More than $35 Million in Restitution and a Civil Penalty for Soliciting at Least $50 Million from Members of the Public to Trade Forex, without Being Registered with the CFTC", 2016-11-17. Retrieved via AI Analytics 2026-05-19 from https://api.ai-analytics.org/cftc-action/7485-16.

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