Thursday, 18 December 2014
Last updated 4 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.