New IB Coalition Challenges Guaranteed Introducing Broker Requirement, Among Others
Forex IB Firms Form IB Coalition to Challenge CFTC Proposal, Cite Contradictions Between Futures and Forex Regulations
We recently wrote an article on the new guaranteed introducing broker (IB) proposed rule with regard to the CFTC’s Forex Proposal because we were curious as to why little was being said about this significant change for IBs. Evidently, [...]
Frontline Financial, Inc. Permanently Banned From NFA; Owner Charles G. Rice Must Withdraw from NFA for 5 Years
Dallas CPO/CTA Frontline Financial, Inc. & Owner Charles G. Rice Charged with NFA Compliance Violations
On February 18, NFA issued a press release detailing its settlement with Dallas-based commodity pool operators (CPOs) and commodity trade advisors (CTAs) Frontline Financial, Inc. (FFI), Frontline Advisors LLC (FAL), and Charles G. Rice (Rice). FFI and FAL agreed to be [...]
CFTC Charges Texas-Based Willie Lee Cloud, Jr., Principal & Agent of C & R Financial, with Operating Ponzi Scheme
Cloud, Jr. Charged with Violating CEA, Misappropriating Customer Funds, Providing False Account Statements
Overview
CFTC filed complaint against Willie Lee Cloud, Jr. (Cloud), principal and agent of C & R Financial, Inc. in Texas, for soliciting at least $200,000 from nine investors which he claimed would be put in individual forex trading accounts
Cloud advertised to customers that [...]
CFTC Stops Another Forex Ponzi Scheme
CFTC Charges VA Resident Ronald W. Smith, Jr. with Fraudulent Solicitation and Misappropriation of $800,000+ in Customer Funds
Overview
CFTC charges Smith with providing false account statements to his customers and using at least $800,000 of his customers’ investment money to pay for personal expenses. CFTC claims that Smith traded hardly any of the funds in his customers’ accounts. [...]
Recent Issues with NFA Annual Questionnaire | Forex Law Blog
As we discussed in an earlier post on NFA Annual Questionnaire, NFA Member Firms are required to complete the questionnaire on an annual basis. The information helps the NFA in a variety of ways and the NFA encourages members to update their questionnaire on a regular basis, although firms are only required to complete it, at a [...]
NFA Talks with CFTC about Proposed Forex Leverage Reduction
President of NFA Dan Roth and CFTC Commissioner Jill Sommers Discuss Leverage Proposal
On Friday, Dan Roth, the president and CEO of the National Futures Association met with CFTC Commissioner Jill Sommers regarding the proposed forex regulations. According to the text of the CFTC comment file regarding the meeting, the discussion primarily centered around the reduction [...]