NFA Bars Two Firms From Membership For Shady Practices

Sep 22 2009 | 6:03pm ET

The National Futures Association today barred two firms and their managing principals from membership for their shady business practices.

First, the NFA permanently barred True Vector Trading Group, an introducing broker formerly located in Delray Beach, Florida, and its principal James Douglas of Galveston, Texas. The decision, issued by NFA's Business Conduct Committee, is based on an NFA complaint filed in June 2009.

The committee found that True Vector and Douglas made misleading sales solicitations to customers and had the customers sign blank account opening documents which Douglas completed with inaccurate information. The committee also found that True Vector and Douglas failed to adequately implement an anti-money laundering program and failed to supervise True Vector's employees in the conduct of their commodity futures activities.

Also, the NFA permanently barred from NFA membership Changes Capital Management, a commodity trading advisor located in New York City, and its principal, Pinank Shah. The decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in June 2009.

The committee found that CCM and Shah failed to cooperate with NFA in its inquiry of the firm's business operations.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of