Tag: NFA fine

March 17, 2016 BY Maria Nikolova

NFA fines introducing broker Hollencrest Securities over fabricated e-mail

Provision of misleading information to the US National Futures Association (NFA) has cost introducing broker Hollencrest Securities $125,000. The fine is related to a fabricated email, which led NFA to conduct an unnecessary seven-month investigation. In March 2015, Nita Charlton-Gomes, controller and human resources manager at Hollencrest back then, contacted NFA's registration department insisting that…

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December 10, 2015 BY LeapRate Staff

NFA fines Chicago-based XFA $75,000 and relegates it to introducing broker status

The self-regulatory organization for the U.S. derivatives industry, National Futures Association (NFA), has barred Chicago, Illinois based X-Change Financial Access LLC (commonly known as 'XFA') from operating as a futures commission merchant (or 'FCM'), allowing XFA to only operate as an NFA Member introducing broker. In addition, the NFA has ordered XFA to pay a $75,000 fine.…

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September 05, 2014 BY Andrew Saks-McLeod

LeapRate Exclusive: NFA slaps admin charges on FXDD prior to US exit

LeapRate has learned that the National Futures Association (NFA) has this week brought a series of administrative charges against FXDD, which range from alleged inadequacies in investigating what the NFA regards as being suspicious activity in several customer accounts and violations relating to the requirement to implement an adequate anti money laundering (AML) plan, as…

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December 10, 2012 BY Gerald Segal

NFA forces FXDD to fork over $3.3 million

NFA using clear bully tactics against FXDD. The NFA has announced what it is calling "emergency enforcement action" against FXDD, forcing the retail Forex dealer (and U.S.-regulated NFA member) to place $3.3 million in escrow pending the outcome of NFA charges surrounding (mainly) price slippage. Some background -- beginning last year, the NFA went after…

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