Introducing broker Vankar Trading, an NFA-member introducing broker based in Chicago, has seen the NFA permanently bar it from membership and from acting as principal of an NFA member.
In addition, the NFA has barred John S. Karvelas, sole principal of Vankar, from acting as a principal of an NFA Member for 10 years.
Karvelas was also ordered to pay a $15,000 fine.
John Karvelas, Vankar Trading
The Decision, issued by NFA’s Business Conduct Committee, is based on a Complaint authorized by the NFA on February 24, 2016, and a settlement offer submitted by Vankar and Karvelas. The Complaint alleged that Vankar failed to maintain required minimum adjusted net capital and current and accurate books and records, and that Vankar and Karvelas failed to supervise the firm’s operations.
Vankar Trading, established in 2001, shows on its website that it acts as an introducing broker of Forex brokers FXCM Inc (NASDAQ:FXCM), the Forex.com retail division of Gain Capital Holdings Inc (NYSE:GCAP), and of ATC Brokers. It also shows that clients can open futures accounts with Phillip Capital, Wedbush Securities, Gain Capital and Dorman Trading.
More details on the NFA’s actions can be seen on the NFA’s website.