NFA ACTION: IKON Global Markets
Felix Shipkevich - March 4, 2010An NFA Hearing Panel issued a Decision finding that IKON Global Markets violated NFA Compliance Rule 2-36(c), as alleged in Count I of the Complaint, and ordered the firm to pay a $20,000 fine by April 18, 2010. The Panel dismissed Count II of the Complaint, which was that the firm failed to adopt enhanced [...]
NFA ACTION: Proficiency exam abuses
Felix Shipkevich - March 3, 2010The NFA revoked the registrations of Jeremy J. Grena, Nabil P. Niman, Nicholas P. Payne, William M. Rill and Alexander M. Silverman, former associated persons of Pioneer Commodities LLC (Pioneer) and Windsor Wealth Management LLC, firms based in Boca Raton, Florida.
NFA ACTION: 1 FX Trader LLC
Felix Shipkevich - February 23, 2010The NFA ordered 1 FX Trader LLC not to apply for NFA membership or principal status with any NFA Member. David Arena, the firm’s principal and AP, was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member.
On December 16, 2009, NFA issued a Complaint charging FXT with cheating, [...]
NFA Board of Directors election results
Felix Shipkevich - February 22, 2010The NFA has reelected W. Robert Felker, chairman of JPMorgan Futures, Inc., to serve a one year term as chairman and Christopher K. Hehmeyer, non-executive chairman of Penson GHCO, as vice-chairman.
Forex Dealer Member Financial Requirements
Felix Shipkevich - February 22, 2010Financial Requirements Section 11(b) and (c) prohibit Forex Dealer Members (FDMs) from including assets held at unregulated persons as current assets for purposes of determining adjusted net capital and from using such unregulated persons to cover currency positions.
Minimum Net Capital Requirements for Futures Commission Merchants and Introducing Brokers
Felix Shipkevich - February 22, 2010Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, the NFA hereby submitted to the CFTC proposed amendments to Financial Requirements Section 1 regarding minimum net capital requirements for futures commission merchants and introducing brokers.
NFA ACTION: Frontline Financial
Felix Shipkevich - February 16, 2010The NFA has ordered Frontline Financial and Frontline Advisors to withdraw from NFA membership. On August 26, 2009, NFA issued a Complaint charging Frontline Financial, Frontline Advisors and Charles G. Rice, the president, sole principal and sole owner of both firms, with failure to disclose material information to fund participants concerning the fund’s investments with [...]
NFA ACTION: Stonebridge Financial Services LLC
Felix Shipkevich - February 10, 2010The NFA issued a Decision following a hearing at which Morris failed to appear. The Hearing Panel found that Morris violated NFA Compliance Rules 2-2(a) and 2-29(a)(1), but dismissed with prejudice the allegation that she violated NFA Compliance Rule 2-29(a)(2). The Hearing Panel permanently barred Morris from NFA membership, associate membership and from acting as [...]
NFA ACTION: CFS Capital Management LLC
Felix Shipkevich - February 8, 2010The NFA accepted CFS Capital Management LLC’s settlement offer to permanently withdraw from NFA membership. CFS is a Commodity Trading Advisor located in Lakewood, Colorado. Andrew G. Elrod, a principal of CFS, was also ordered to permanently withdraw from NFA membership with no findings that he committed the allegations as charged in an NFA Complaint. [...]
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 [...]
