TFS-ICAP, LLC and TFS-ICAP Ltd. were charged by the Commodity Futures Trading Commission with attempting to deceive and deceiving their clients through fake bids and offers and fake trades involving foreign exchange options from 2008 through 2015. The purpose of the purported wrongful actions, said the CFTC, was to create an impression of greater liquidity and tighter spreads on TFS-ICAP’s trading platform to induce clients to trade. Two senior managers at TFS-ICAP – Jeremy Woolfenden, Global Head of Emerging Markets FX Options, and Ian Dibb, CEO of TFS-ICAP from 2011 through the present time – were also charged by the CFTC for the companies’ violations and failure to supervise because of their purported knowledge and encouragement of the alleged wrongdoing. The CFTC seeks disgorgement of benefits, fines, and registration bans, among other penalties against all defendants. The CFTC filed its enforcement action in a federal court in Manhattan. Separately, Michael Leibowitz, Chairman of the Board of TFS-ICAP agreed to pay a fine of US $250,000 for not developing or having implemented policies and procedures that prohibited the alleged wrongful conduct.