Boss of bust forex firm FX World was director of seven failed firms

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City of London police have launched a fraud probe into the firm whose full name is FX World Managed Account Ltd — which has gone into liquidation and which recently struck a sponsorship deal with Barry Hearn’s Matchroom Boxing.

It is the second high-profile police action against a forex firm in three months after CWM FX was raided.

Other liquidated or dissolved companies of which Canning is listed as a director include contract-cleaning firm Panacea Clean, a former tenant of Lord Sugar’s property business Amsprop.

No arrests have so far been made in the probe into the firm, based at 60 New Broad Street in the Square Mile.

FX World was an “appointed representative” of currency trading firm ForexMax, which is regulated by the Financial Conduct Authority and still trading.


This allowed it to carry out some trading activities on behalf of the company, although FX World’s licence to do so was suspended by the watchdog on June 29.

Canning and ForexMax director Max Hedayati were unavailable for comment.

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July 17, 2015 |
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