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 “provided false information regarding Bobba’s role and compensation at the firm”.
In addition to the above violation, WWM:
- did not disclose customer complaints to the NFA
- did not properly calculate its net capital and allowed restricted equity withdrawals
- engaged in deceptive trading practice by attempting to many money at customers’ expenses
- did not properly supervise its brokers’ dealing with customers
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NFA permanently bars Boca Raton firm, Windsor Wealth Management LLC
April 23, Chicago - National Futures Association (NFA) has permanently barred from NFA membership Windsor Wealth Management LLC (Windsor Wealth Management), an Introducing Broker located in Boca Raton, Florida. The Decision, issued by NFA’s Business Conduct Committee (BCC) is based on an NFA Complaint filed in April 2010 and a settlement offer submitted by Windsor Wealth Management.
The Committee found that Windsor Wealth Management failed to list Anthony Bobba as a principal of the firm and provided false information regarding Bobba’s role and compensation at the firm. Bobba was previously named as a respondent in a 2009 BCC case in which he and Pioneer Commodities LLC, of which Bobba was president, were charged with making misrepresentations to the testing service for the Series 3 Exam in order to obtain additional time for prospective associated persons of Pioneer to take the Series 3 Exam. See previous press release.
Additionally, the Committee found that Windsor Wealth Management failed to disclose customer complaints to NFA, failed to calculate net capital properly and allowed equity withdrawals when the firm’s adjusted net capital was under equity withdrawal restrictions. The Committee also found that Windsor Wealth Management engaged in deceptive trading practices designed to generate commissions for the firm to the detriment of customers and engaged in fraudulent activity in the firm’s error account. Finally, the Committee found that Windsor Wealth Management failed to supervise its brokers’ dealings with customers and the trade recommendations they made to customers to ensure that they did not cause harm to customers and complied with NFA Requirements.
The complete text of the Complaint and Decision can be found on NFA’s website (www.nfa.futures.org).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
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Other related forex law articles include:
- CFTC Catches Another Ponzi Scheme Involving Forex
- Frontline Financial, Inc. Permanently Banned From NFA; Owner Charles G. Rice Must Withdraw From NFA for 5 Years
- Failure to Comply with NFA Rules Could Result in NFA Membership Suspension of Expulsion and/or Fines
- NFA Interpretive Notice Re: Past or Projected Performance
- Forex Dealer Member Barred From Industry
Bart Mallon, Esq. of Mallon P.C. runs the Forex Law Blog and provides forex registration service through forexregistration.com. Mr. Mallon also runs the Hedge Fund Law Blog. He can be reached directly at 415-868-5345.
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