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Enforcement Actions

Felix Shipkevich April 26, 2011

Today, the NFA took emergency enforcement action against the Texas-based Commodity Trading Advisor FIN FX LLC. The action came as a result of an NFA investigation, which found FINFX (along with its principal, Leon Wolmarans) was soliciting customers using false information, including deceptive claims on their website. Furthermore, the company failed to cooperate in the […]

Felix Shipkevich April 12, 2011

For the past several weeks we have been covering the 14 enforcement lawsuits the Commodity Futures Trading Commission (CFTC) in federal courts throughout the country. Aside from a few requests from the CFTC to postpone proceedings due to an impending government shutdown, there has not been much movement in these cases.  For the most part, […]

Felix Shipkevich April 11, 2011

The Commodity and Futures Trading Commission (CFTC) charged Pennsylvania-based New Century Investment Management LLC with Operating a Commodity Pool Ponzi Scheme. The defendants allegedly defrauded pool participants of at least $2.2 million and misappropriated participants’ funds to pay personal debts and living expenses. The CFTC complaint, filed on April 5, 2011 in the U.S. District […]

Felix Shipkevich April 6, 2011

On September 8, 2010, the  National Futures Association (NFA) commenced a business conduct committee (BCC) action charging Direct Futures LLC and associated persons with failure to supervise and using deceptive sales practices. On March 3, 2011, the NFA issued a decision accepting a settlement against Direct Futures, finding that it violated NFA Compliance Rule 2-9 […]

Felix Shipkevich April 4, 2011

The National Futures Association (NFA) has permanently barred from NFA membership Clash Financial LLC (Clash Financial), an Introducing Broker located in Lawrenceville, Georgia. Phil A. Owens, sole principal and associated person of Clash Financial, is also barred from NFA membership and principal status for a period of six years and barred from associate membership for […]

Felix Shipkevich April 1, 2011

Update: The NFA has withdrawn its notice of intent to revoke registration of Paron Capital after Timothy D. Lyons was withdrawn as a principal. Crombie, who neither confirms nor denies the allegations, has also reached a settlement with the NFA. National Futures Association (NFA) announced today that it has taken an emergency enforcement action against […]

Felix Shipkevich March 31, 2011

Reported by Michael Greenberg, of David Smith pleaded guilty,  in Orlando federal court Tuesday, to four counts of wire fraud, a count of conspiracy to commit money laundering, and 18 counts of money laundering. Smith was once a principal of I-Trade, which was fined by the National Futures Association (NFA) for failing to implement adequate AML procedures. […]

Felix Shipkevich March 7, 2011

As we mention in our post on February 18th, the U.S. Commodity Futures Trading Commission (“CFTC”) filed 14 enforcement actions alleging defendants acted as an retail foreign exchange dealer (“RFED”) or introducing broker without registering with the CFTC. At the time of that post, none of the 14 defendants had yet answered the complaints against them. Two weeks […]

Felix Shipkevich February 18, 2011

As published earlier this week on FX Street, the U.S. Commodity Futures Trading Commission (“CFTC”) announced on January 26, 2011 that it filed 14 enforcement actions against defendants that allegedly acted as a retail foreign exchange dealers (“RFED”) or introducing brokers without registering with the CFTC. At the time the article was published, none of […]