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(CNS): The Cayman Islands Monetary Authority has appointed controllers to take over the affairs of OneTRADEx, a local online discount broker, ahead of its possible shut down. According to the CIMA notice, accountants from KRyS Global have taken over the company, owned by Colin Wilson and Rich Ellison, which offers the only online discount share trading services in Cayman.
Despite being in the hands of administrators since last week, the website was still up and running Monday, where the company offers trades for as little as US$9.95.
But in the statement about the company, CIMA said that the controllers have taken over the company with full powers, including the possibility of closing down its securities business. After assessing its current financial position the controllers will then submit a report to the authority.
See CIMA statement here
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