Gain Capital employees sell shares to satisfy tax obligations

Gain Capital employees sell shares to satisfy tax obligations

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Several stakeholders in Gain Capital Holdings (NYSE:GCAP), the major US online forex brokerage, reported to the US  Securities and Exchange Commission (SEC) that they have sold shares in order to satisfy tax withholding obligations, relating to the vesting of previously reported restricted stock units. The sales were made in accordance with a sales plan that complies with the requirements of the US Securities Exchange Act.

According to the filings with the SEC, since the beginning of March this year, three individuals employed by the company have sold some of their shares. Samantha Roady, chief commercial officer of Gain Capital, has disposed of 4355 shares in the company. She has 243 873 shares left. Diego Rotsztain, general counsel and secretary of Gain Capital sold 4643 of his shares in the company and was left with 75 139. Jeffrey Scott, chief operating officer, sold 1828 shares. The stock was sold in multiple transactions at prices of around $7. On March 9, the Gain Capital stock was traded at $7.46 on market close.

By US tax laws, the federal Internal Revenue Service (IRS) has pegged backup tax withholding at 28%. It must be withheld by payers of interest, dividends and certain other items.

GAIN Capital is the second largest forex broker in the US in terms of retail forex obligations after Forex Capital Markets, or FXCM, according to the US Commodity Futures Trading Commission (CFTC).

The company serves retail and institutional clients under the trading brands, City Index, GTX, and Gain Capital. It is active in North America, Europe and the Asia Pacific regions.

The broker offers trading in forex, commodities, and global equities, among others.

The latest performance report shows that in January 2016 Gain Capital has posted a monthly increase, both in over-the-counter (OTC) and the institutional segments.

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