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CySEC slams Interactive Options managers with €200 000 fine

Oct 20 2017
By
Jonathan Smith

 The Cyprus Securities and Exchange Commission (CySEC) has announced several board decisions penalizing some of the former senior managers of the Pegase Capital company that operated the binary options brokerage Interactive Options. The fines total €200 000 and are imposed on three company officials.


The largest fine - €150 000 – is for Pegase Capital’s owner Michel Teman, who is also forbidden from exercising professional activity related to the financial sector for five years, until June 2022. The other two fined company managers are the former executive directors of the company Pantelis Ioakim and Giorgos Miltiadous who were each fined €25 000.


CySEC clarifies that the fines are for failing to have in place and strictly follow operational requirements and to periodically assess the effectiveness of the policies arrangements and procedures implemented by the Company for complying with obligations provided in the Cyprus legislation.


Pegase Capital, which was operating the brands Interactive Option and HelloBrokers for binary options activities and MTXPlus for forex, has been in trouble with CySEC since 2015, when it was fined €300,000 in about a dozen small fines, for not complying with the laws related to the licensing and operation of investment companies and the regulations for prevention of money laundering. The things escalated in the March 2016 when CySEC suspended Pegase Capital’s license and extended the suspension in April. Eventually, in May 2016 the company renounced its license.


 

TAGS: cysec  fine  pegase capital  interactive option 
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