NFA fines Vision Financial Markets half-million

The NFA announced today that it has levied a $500,000 against Vision Financial Markets LLC (Vision). Vision, a futures commission merchant (FCM) and introducing broker (IB) registered with the NFA, was not adequately supervising five of its Guaranteed Introducing Brokers (GIBs): 20/20 Trading Company, Statewide FX, Inc., Vista Trading Advisors, Inc., Investors Trading Institute, and Direct Futures LLC. Last year, these companies were sued by the NFA for advising trades benefiting themselves rather than their customers, and using deceptive promotional and solicitation strategies.

The fine is based on a complaint filed against Vision and its president and vice president, Howard Rothman and Michael Doherty earlier this month. In addition to the fine, the company and its two leaders must hire an independent consultant to review its internal policies for supervising its Guaranteed Introducing Brokers. The firm is also prohibited from entering into any IB guarantee agreements for two years.

Read more about this NFA enforcement action.

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