While there have been unsubstantiated reports that Gallant/GCMFX was sold by Mr. Buccellato several years ago to a New Zealand based company, they believe that Mr. Buccellato has remained a key investor, if not the controlling shareholder, in the company. In any event, he has remained as CEO of GCMFX directing the strategy and execution of the now-bankrupt company.
Mr. Buccellato, via his Prime Trade Holdings Corp. holding company, bought an inactive FCA regulated retail forex broker called AlumFX in 2015, changing the name of the company to GCM Prime Ltd in August 2015. GCM Prime was then relaunched in late 2015 as a service provider to Retail Forex brokers, providing liquidity solutions, full white label broker solutions, and Prime of Prime services.
Mr. Buccellato then hired FXCM veteran Adam Toro, FXCM’s VP Institutional Sales and Business Development from 2003-2015, to be CEO of GCM Prime.
GCMFX was indeed a client of GCM Prime, but at the time of its bankruptcy not a material client, accounting for a relatively small percentage of GCM Prime’s revenues.