Futures | Commodities | Forex
NFA ACTION: 1 FX Trader LLC
The NFA ordered 1 FX Trader LLC not to apply for NFA membership or principal status with any NFA Member. David Arena, the firm’s principal and AP, was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member.
On December 16, 2009, NFA issued a Complaint charging FXT with cheating, defrauding or deceiving another person or attempting to do so; presenting hypothetical performance without required disclaimers and information; failing to submit promotional material prior to first use; failing to provide customers with a disclosure document; and failing to cooperate with NFA. The Complaint also charged FXT and Arena with willfully submitting false or misleading information to NFA; and failing to supervise.
On January 20, 2010, FXT and Arena filed an Answer to the Complaint in which they denied the material allegations contained therein.
| 0356019 | 1 FX TRADER LLC | • C.R.2-36(b)(1) – CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS |
| • C.R.2-41(b) – FOREX TRADING ADVISORS-FILE DISCLOSURE DOCUMENT WITH NFA AND PROVIDE TO CLIENTS | ||
| • C.R.2-5 – FAILURE TO COOPERATE W/ NFA | ||
| • C.R.2-36 – FOREX ANTI-FRAUD RULE | ||
| • C.R.2-36(e) – FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | ||
| • C.R.2-36(b)(5) – FDMs NOT SUBMIT FALSE OR MISLEADING INFORMATION TO NFA | ||
| 0284702 | ARENA, DAVID CHRISTIAN | • C.R.2-36(b)(5) – FDMs NOT SUBMIT FALSE OR MISLEADING INFORMATION TO NFA |
| • C.R.2-36(e) – FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES |
About The Author
Felix Shipkevich
Felix Shipkevich is a Manhattan-based attorney and general counsel for Shipkevich Law Firm. He has extensive experience working with the CFTC and NFA on registration, compliance, and enforcement issues for CPOs, CTAs, FCMs, IBs, and RFEDs. Felix also practices intellectual property and corporate governance law.Leave a Reply
