CFTC Obtains Civil Money Penalties re: McCall Ponzi Scheme
The CFTC Receives $3.8+ Million in Civil Penalties Stemming from McCall Enforcement Action
On May 4, the CFTC announced that it had received over $3.8 million in civil money penalties and equitable relief stemming from its enforcement action against Tyrone “Cauzae” McCall and two of his entities, McCall Business Group, LLC and MBG Global, LLC, for [...]
New OTC Derivatives Proposal Could Include Forex Provisions
U.S. Treasury and CFTC Chairman Disagree Whether Forex Regulations Should Be Included in OTC Derivatives Proposal
On April 13, Senate Agriculture Committee Chairman Blanche Lincoln (D., Ark.) met with top U.S. Treasury officials to discuss over-the-counter (“OTC”) derivatives and the proposal she is putting together to regulate them. These proposed regulations will affect institutional players, who [...]
AVS Carter Financial, Inc. Violates NFA Compliance Rules
AVS Carter Financial, Inc. Cited by NFA for Misleading Customers, Insufficient Supervision
On August 25, 2009, the NFA filed a complaint against Chicago-based commodity trader advisor (“CTA”) AVS Carter Financial, Inc. (“AVS Carter”) AVS Carter’s website indicates that it has various entities with similar names, such as AVS Carter Trading Inc. and AVS Carter Asset Management [...]
Failure to Respond Promptly to the NFA Could Result in Permanent Membership Ban
Florida CTA City Capital Management LLC Permanently Barred from NFA for Violating Compliance Rules
On May 7, the National Futures Association (NFA) announced the permanent membership bar of Naples, Florida-based commodity trading advisor (CTA) City Capital Management LLC (CCM) and its sole principal and associated person Jonathan Lee (Lee).
The NFA charged CCM with violating Compliance Rule [...]
Alpari Fined by FSA for Insufficient AML Procedures
UK’s Financial Services Authority (FSA) Fined Alpari £140,000 ($200,000) for Failure to Implement Proper Anti-Money Laundering (AML) Policies
On May 5, the FSA fined foreign exchange services firm Alpari (UK) Ltd for its failure to follow through on proper anti-money laundering policies established by both the FSA and Alpari itself.
In particular, the FSA cited the fact that [...]
NFA Bans Boca Raton Introducing Broker
Introducing Broker Permanently Banned for Violating NFA Requirements
On April 23, the National Futures Association (“NFA”) permanently banned one if its members, Windsor Wealth Management LLC (“WWM”) of Boca Raton, Florida, for violating NFA requirements.
NFA’s Business Conduct Committee (“BCC”) found that WWM did not list Anthony Bobba as a principal of the firm and also [...]