NFA Shuts Down Tradex Group

Feb 1 2007 | 12:00pm ET

The National Futures Association has permanently barred Tradex Group, a Boston-based CTA, for allegedly soliciting retail investors to trade off-exchange foreign currency futures and options with its parent company, Tradex Handel & Beratungs.

The Commodity Exchange Act explicitly prohibits the offering of forex transactions to retail investors, unless the counter-party is a regulated entity as defined in the act. Tradex AG was not registered as a counter-party.

In addition to the permanent ban, Tradex was also orders to pay $22,000 in restitution to its customers in the United States.

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