Forex broker JP markets closed down – JP Markets liquidation order – trouble for CEO, Justin Paulsen. JP Markets, the platform and technology for clients to trade forex in the international financial markets, is now under final liquidation as per the order of the Gauteng High Court.
The global forex powerhouse, as JP Markets describes itself on its website, was accused of not paying out client withdrawals, not posting client’s deposits to their trading accounts and even manipulating data feeds.
The FSCA said it would work with the liquidators to do everything in its power to ensure that clients of JP Markets recovered as much as possible of their funds. It said due to its intervention more than R2.58 billion was preserved in the numerous bank accounts held by JP Markets.
JP Markets, which was established in 2016 by founder and chief executive Justin Paulsen, has a domestic presence in Johannesburg, Polokwane, Bloemfontein, Cape Town and Pretoria, as well as an international presence in eSwatini, Kenya, Pakistan and Bangladesh.
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