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 investigation, allegedly feeding the NFA misleading information and denying it access to records.
In response, the NFA took swift action against FINFX and Wolmarans, suspending them from NFA membership, and banning them from soliciting clients and investments or transferring funds without agency approval. The prohibition will remain in effect until FINFX and Wolmarans can demonstrate to the NFA’s satisfaction that they are in compliance with agency requirements.