Forex Broker Icetrader Shuts Down After Losing Cyprus Investment License; Owner Fined €100,000 for Fraud

The financial regulatory body in Cyprus (The Cyprus Securities and Exchange Commission) announced today that FX broker icetrader.com - owned and operated by CIF Glistentree Holdings Ltd - has renounced its Cyprus Investment Firm license and will be winding down operations.

Icetrader’s website now lists instructions for clients to withdraw remaining funds. The CySEC press release doesn’t state any specific reason for the firm’s drastic actions, but the agency mentioned that monetary penalties were levied against one of the company’s shareholders in September.

Danny Rothman (Daniel Rubinstein), shareholder of CIF Glistentree Holdings, was fined €100.000 for submitting forged academic titles and falsified tax statements to the CySEC.

The Board of the Cyprus Securities Exchange Commission also banned Mr. Rothman from the financial industry for five years and referred the case to the Attorney General in Cyrpus for criminal investigation.

The CySEC statement reads:
“The CySEC considers the protection of clients’ interests to be of the utmost importance and therefore will closely monitor the Company’s actions in relation to this issue.”


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1 comment :

  1. Well Danny Rothman (Daniel Rubinstein)surely didn't think he would getaway with submitting forged academic titles and falsified tax statements to the CySEC. Only fair that he should be sanctioned for this. Lucky to only be fined €100K initially for his misdemeanor.

    The fact that the Board of the Cyprus Securities Exchange Commission also banned Mr. Rothman from the financial industry for five years and referred the case to the Attorney General in Cyrpus for criminal investigation shows there maybe more to come.

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