NFA ACTION: ACJ Capital, Inc
Felix Shipkevich - February 8, 2010The NFA permanently barred from NFA membership ACJ Capital, Inc. and its principal, Angel F. Collazo. The Business Committee found that ACJ and Collazo provided false information to customers about the performance of their accounts by providing fictitious account statements which showed significant equity, when in fact, most, if not all of their equity was lost. The [...]
NFA ACTION: Capital FX LLC
Felix Shipkevich - February 5, 2010The NFA has accepted Capital FX LLC’s settlement offer to permanently withdraw from NFA membership. CFX is a Commodity Trading Advisor located in Elizaville, New York. The NFA ordered Robert W. Pecord, its sole principal and employee, to permanently withdraw from NFA membership. The Decision, issued by NFA’s Business Conduct Committee, is based on an [...]
ICE Futures ordered to beef up compliance
Felix Shipkevich - February 3, 2010The CFTC’s Division of Market Oversight notified ICE Futures US of the results of a rule enforcement review. The review covered the period from June 1, 2007 through June 1, 2008. The Division assessed ICE Futures’ compliance with core principles relating to audit trail, trade practice surveillance, disciplinary and dispute resolution programs.
The Division found that [...]
CFTC gets budget increase
Felix Shipkevich - February 1, 2010Commenting on the President’s FY2011 budget request, CFTC Chairman Gary Gensler said: “I am pleased that the President’s budget request provides a much-needed funding increase to better enable the CFTC to regulate the markets and protect the American public.”
CFTC ACTION: Lodge Capital Group, LLC
Felix Shipkevich - January 29, 2010The CFTC charged Jay C. Nolan of Wilmette, Ill. and his company, Lodge Capital Group, LLC with commodity pool fraud. According to the complaint, from at least December 2004 to the present, the defendants fraudulently solicited approximately $3.9 million from at least five individuals. The complaint charges that Nolan and Lodge Capital made misrepresentations and failed [...]
CFTC ACTION: Scotia Capital Inc.
Felix Shipkevich - January 28, 2010Prior to the trades being entered on the NYMEX, SCI employees arranged for the trades to be executed with a minimal price difference between long and short positions by seeking trades such that there was no more than a half a cent price differential between the buy and sell orders.
CFTC ACTION: Pinemore, L.P. and Birchmore, L.P.
Felix Shipkevich - January 28, 2010According to the order, on one or more occasions in November and December 2006, Pinemore and Birchmore ordered through their broker certain natural gas futures trades on the NYMEX that were wash sales. Because the trades ordered by Pinemore and Birchmore were designed to give the appearance of submitting trades to the open market, while negating the risk incident to the market and producing a virtual financial nullity, they constituted wash sales in violation of the CEA.
NFA ACTION:Kingz Capital Management Corporation
Felix Shipkevich - January 26, 2010In July 2009, the NFA received information that indicated that KCM had links to an intertwined group of NFA Member and non-NFA Member entities and individuals that had come under some scrutiny because of difficulties that some investors had encountered in trying to retrieve their investments.
NFA ACTION: Muirfield Capital LLC
Felix Shipkevich - January 26, 2010On September 25, 2009 the NFA issued a Complaint charging Muirfield Capital LLC with failure to timely file with NFA an annual report. Now the NFA ordered Muirfield to withdraw from NFA membership. If Muirfield reapplies for NFA membership, it was ordered to pay a $10,000 fine, payable when it reapplies for NFA membership. Muirfield’s application for NFA membership will not be processed until the fine has been paid in full.
DFSA to host Islamic Financial Services Board seminar
Felix Shipkevich - January 26, 2010The Islamic Financial Services Board (IFSB) is organizing its 5th Seminar on the Regulation of Takaful on 22nd and 23rd February 2010, at the Emirates Towers Hotel, in Dubai. The DFSA will be hosting the Seminar.
