FSA ACTION: Alpari (UK) Ltd

The FSA imposed a financial penalty of £140,000 on Alpari (UK) Ltd, an online provider of foreign exchange services for speculative trading, for failing to have in place adequate anti-money laundering systems and controls. Its former money laundering reporting officer (MLRO), Sudipto Chattopadhyay, has also...

MAS reviews the regulatory regime for financial intermediaries

The Monetary Authority of Singapore is reviewing the regulatory regime for financial intermediaries conducting fund management activities and the exemption regime for financial intermediaries engaged in leveraged foreign exchange trading.  A consultation paper has been issued to seek comments from the...

NFA ACTION: AVS Carter Financial, Inc.

The NFA permanently barred AVS Carter Financial, Inc. from NFA membership. AVS Carter Financial is a Commodity Trading Advisor located in Chicago, Illinois. Shahzad Akram, the firm’s sole principal, is also barred from NFA membership for a period of two years. Akram must pay a fine of $5,000 if he...

CFTC ACTION: Weber Capital Management

The CFTC filed a complaint against Helmut H. Weber and Weber Capital Management of Scottsdale, Arizona, charging Weber with operating a fraudulent off-exchange foreign currency scheme. The CFTC complaint, filed in the U.S. District Court for the District of Arizona, Phoenix Division on March 9, 2010,...

CFTC Seeks Public Comment on Proposed Regulations Regarding Retail FOREX Transactions

photo credit: epSos.deWashington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the publication in the Federal Register of proposed regulations concerning off-exchange retail foreign currency transactions. The proposed rules follow the passage of the Food, Conservation, and...

HSBC launches Bangladeshi Taka – US dollar derivative

HSBC has transacted two US dollar-taka options for Viyellatex, one of the largest garment exporters, and Coats Bangladesh, a leading supplier of yarn and raw materials. The US dollar-taka derivative helps exporters and importers hedge their forex exposures effectively, Tarique I Khan, head of global markets...

NFA guidelines on the use of social networking groups

On-line Social Networking Groups – Proposed Amendments to NFA’s Compliance Rule 2-29(h) and Adoption of Interpretive Notice On-line social networking groups have changed the way people make trading decisions. A number of NFA Members sponsor blogs, chat rooms, and forums (also called message or...

NFA proposes amendments to the Interpretive Notice regarding Forex Transactions

NFA Bylaw 1301(e) requires Forex Dealer Members to pay annual dues that are graduated according to the firm’s gross annual revenue from customers (e.g., commissions, mark-ups, mark-downs) for its forex activities. Profits and losses from proprietary trades are not to be included. To calculate dues: •...

NFA ACTION – James C. Morton

The NFA barred James C. Morton from acting as a principal of an NFA Member for a period of five years and also ordered him to pay a fine of $10,000 in the event that he reapplies for NFA membership or associate membership. The Decisionas to Morton, which was issued by an NFA Hearing Panel, accepted a...

CFTC ACTION – Oxford Global Advisors et al.

The CFTC charged a Minneapolis money manager and a Burnsville radio personality with running a Ponzi scheme that defrauded at least 1,000 people out of more than $190 million in a bogus currency investment scheme. The CFTC  obtained emergency orders freezing the assets held by “self-proclaimed”...
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