New Forex Regulations: Overview of Public Comments

Leverage, Inaccessibility for Smaller Traders, and Offshore Threat are Focus of Public Comments
As we’ve discussed in related posts, the CFTC has proposed rules regulating the off-exchange spot forex industry (see Retail FOREX Registration Regulations Proposed). The CFTC has requested comments from the public and there are currently about 100 public comments on CFTC’s website written [...]

Colorado CTA CFS Charged with Misusing Customer Funds, Submitting False Material to NFA, Failing to Supervise, Among Other Allegations

CFS Capital Management LLC and Principals Violate NFA Compliance Rules, Forced to Withdraw from NFA Membership
On June 30, 2009, NFA filed a formal Complaint against Colorado commodity trading advisor (CTA) CFS Capital Management LLC (CFS) and two of its principals, Andrew G. Elrod and Brian G. Elrod. In the Complaint, NFA alleged that CFS and [...]

Mallon P.C. Creates NFA Self-Exam Checklists for Forex CTAs, CPOs, and IBs

Forex CTAs, CPOs, and IBs Will Benefit From Mallon P.C.’s User-Friendly Self-Examination Checklists
The information in the following press release from hedge fund law firm Mallon P.C. applies equally to forex commodity trading advisors (CTAs), commodity pool operators (CPOs), and introducing brokers (IBs).
The full text of the Mallon P.C press release is reprinted below and can [...]

Capital FX LLC Violates NFA Compliance Rules, Permanently Banned from NFA Membership

Capital FX LLC Charged with Providing False and Misleading Information and Failing to Comply with NFA Investigation
In a February 5 press release, the NFA announced a settlement with Capital FX LLC (CFX) and its sole principal and employee Robert W. Pecord that will permanently bar the commodity trading advisor (CTA) from future NFA membership.
CFX and [...]

Updates to BSA E-Filing System for FinCEN Suspicious Activity Reports

FCMs and IBs Can Use BSA E-Filing System To File Several FinCEN Forms, Namely Suspicious Activity Reports
FinCEN (Financial Crimes Enforcement Network) recently improved its online BSA (Bank Secrecy Act) e-filing system. The security-enhanced site can be used for free and allows users (such as FCMs and IBs) to submit FinCEN forms more efficiently. Your firm’s [...]

Forex Events February 2010

The following are various forex events happening this month.  Please email us if you would like us to add your event to this list.
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February 6

Sponsor: Knowledge to Action Ltd.
Event: Forex Secrets Seminar Workshop
Location: Cambridge, UK

February 6

Sponsor: FX Week and China Forex magazine
Event: FX Week China 2010 Conference
Location: The Westin Beijing, Beijing Shi, Beijing, China

February 9

Sponsor: [...]

Forex Fraudster Jailed For Violating Court Orders in CFTC Anti-Fraud Action

Minnesota Federal Judge Throws Trevor G. Cook in Jail For Dissipating Funds and Failing to Surrender $35 Million+ in Assets
In November 2009, the U.S. Commodity Futures Trading Commission (CFTC) ordered an emergency freeze of assets belonging to Minnesota residents Trevor G. Cook and Patrick Kiley and their trading companies. Cook and Kiley, who were charged [...]

Failure to Comply with NFA Rules Could Result in NFA Membership Suspension or Expulsion and/or Fines

CTA Required to Withdraw From NFA Membership for Compliance Violations
On August 25, 2009, the National Futures Association’s (NFA) Business Conduct Committee (BCC) filed a complaint against Las Vegas commodity trading advisor (CTA) NetBlack Capital LLC and its principal/associated person (AP) John Francis Netto. NetBlack, an NFA Member CTA since November 2008, was charged with violating [...]