CTA receives NFA BCC complaint

The NFA’s Business Conduct Committee has issued a complaint against Commodity Trading Advisor (“CTA”) Golden Forex. According to the NFA, Golden Forex submitted misleading information to the Association about its listed Associated Person (“AP”), Kathie Bui.

Golden Forex is a California based CTA, and a member of the NFA since May 2009. The company is owned by Linh Ngoc Nguyen, and Nguyen is listed as the firm’s principal, but not its AP. The only person ever listed as the firm’s AP is Kathie Bui. The complaint alleges that in June 2009, Bui left Golden Forex, and requested that Nguyen remove her listing as the AP in NFA records. Nguyen, as the only person with access to the company’s NFA Online Registration System account, was responsible for doing so. After repeated requests, Nguyen indicated to Bui that her name had been removed from the CTA’s AP list.

However, the NFA claims that in June 2011 Bui learned that she was in fact listed listed as Golden Forex’s AP. She again contacted Nguyen, who told her the firm would have to withdraw from the NFA if she was removed, and offered to pay her if she would remain registered. Bui refused, and contacted the NFA. The NFA then conducted an audit, which confirmed Bui’s story.

Golden Forex withdrew its NFA membership in September 2011. Nguyen has the opportunity to submit an answer to the complaint. If the committee finds against Nguyen, the defendant may be censured, fined, or permanently barred from NFA membership. So far, no other allegations have been made against the CTA.

Read more about this NFA BCC complaint.
Creative Commons License photo credit: timsamoff

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