CFTC Cancels Customer Fund Protection Vote

The CFTC has cancelled an open meeting scheduled for Wednesday, September 12, after Commission Chairman Gary Gensler injured himself over the weekend. The meeting had been called to publicly vote on new rules intended to safeguard customer funds held by futures commission merchants (FCMs), confidence in whom...

MF Global Trustee Wants “Global Settlement”

Louis Freeh, the trustee for MF Global’s holding company has said in a court filing that he is seeking to settle with both James Giddens, trustee for MF Global’s brokerage arm, and an overseas administrator tending to the firm’s British unit, citing the cost of the nearly yearlong process of winding up...

PFGBest’s Auditor Comes Under Fire

Regulators are now investigating why Iowa-based brokerage PFGBest employed Veraja-Snelling Company, a tiny accounting firm based in Illinois, to audits its books.  The accounting firm appeared to be operating from a residential home in the suburbs of Chicago. PFGBest is a futures brokerage with over $500...

NFA Submits “Corzine Rule” to CFTC for Approval

In an effort to reassure investors whose confidence in the safety of their funds was shaken by the MF Global scandal, the NFA has proposed a new rule that would require Futures Commission Merchants (FCMs) to obtain approval from a senior executive before withdrawals can be made from customer accounts. The...

Accountant fined for inadequate FCM audit

The CFTC has filed and settled charges against public accounting firm McGladrey & Pullen, LLP, and firm partner David Shane. When McGladrey and Shane performed an audit on registered Futures Commission Merchant (“FCM”) One World Capital Group, LLC, they failed to report the many misstatements...

FCM principal barred from NFA

The Appeals Committee of the NFA has announced a decision to bar Robert F. Gray, principal of ex-Futures Commission Merchant (“FCM”) Forex Liquidity, permanently from NFA Membership. The FCM and Forex Dealer Member is currently under receivership in California. According to the NFA, during a...

FCM Tenco fined for failure to supervise

The CFTC has filed and settled charges against Tenco, Inc, a futures commission merchant (“FCM”) based in Chicago, IL, for failure to diligently supervise employees and agents and for placing trades without proper authorization from the account holder. The FCM has been ordered to pay $140,000 and...

Unregistered FCM penalized by CFTC

The CFTC has filed and settled charges against Craig A. Taffel for operating as an unregistered Futures Commission Merchant (“FCM”). The registered floor broker based in Chicago has been ordered to pay $180,000 in civil monetary penalty, and must cease and desist from further violations of the...

IB IFINIX Futures target of NFA emergency action

The NFA has taken emergency enforcement action against IFINIX Futures, Inc, a registered Introducing Broker (“IB”) and Forex Firm Member. According to the NFA, IFINIX’s principal Benhope Munroe fabricated bank statements to hide the firm’s deficient capitalization from NFA auditors....

Forex dealer amendments from NFA

The NFA issued an alert to members engaged in retail forex activities, notifying them of changes made to NFA requirements by the CFTC. These amendments affect NFA Bylaws, Compliance Rules, Code of Arbitration, and three Interpretive Notices. They will go into effect on October 1, 2011. The changes are as...
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