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 [...]
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 [...]
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 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 [...]
Effective Date of Amendments to NFA Financial Requirements Sections 11 and 12 and the Interpretive Notice Regarding Forex Transactions
NFA has received notice that the Commodity Futures Trading Commission has approved changes to NFA Financial Requirements Sections 11 and 12 and related changes to the Interpretive Notice titled “Forex Transactions.” The amendments adopt an alternative net capital requirement for Forex Dealer Members (FDMs) and eliminate the existing exemption from the security deposit requirement. These [...]
Federal Court Freezes Assets of Moroccan Resident Richmond Hamilton, Jr., and the Chicago Commodity Pool He Manages in a $1 Million Pool Anti-Fraud Case Brought by the CFTC
Court Appoints a Receiver to Identify Assets and Funds Owed Customers
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained an emergency court order freezing assets held by defendants Raleigh Capital Management, Inc. (RCM), of Chicago, Ill., and its sole principal, Richmond Hamilton, Jr., who resides in Morocco. The court’s [...]