NFA permanently bars True Vector Trading Group LLC and its principal
September 22, Chicago - National Futures Association (NFA) has permanently barred from NFA membership True Vector Trading Group LLC http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0383441 (True Vector), an Introducing Broker formerly located in Delray Beach, Florida, and its principal James Douglas http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0320266 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.
http://www.nfa.futures.org/news/newsRel.asp?ArticleID=2357
For Immediate Release
For more information contact:
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org
NFA permanently bars Florida firm GlobeFX Club Inc.
September 21, Chicago - National Futures Association (NFA) has permanently barred GlobeFX Club Inc. (GlobeFX Club) from NFA membership. GlobeFX Club is a Commodity Pool Operator located in Homestead, Florida. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in June 2009.
The Committee found that GlobeFX Club provided false and misleading information to NFA and failed to cooperate in NFA's investigation of the firm's operations. In addition, the Committee found that GlobeFX Club failed to supervise the firm's forex activities.
In March 2009, NFA took an emergency enforcement action that suspended GlobeFX Club because NFA was unable to determine the nature of GlobeFX's business operations, the identities of its customers and the treatment of its customer funds. See previous press release.
The complete text of the Complaint and Decision can be found on NFA's website (http://www.nfa.futures.org).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
For Immediate Release
For more information contact:
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org
NFA permanently bars Florida commodity trading advisor Capital Blu Management LLC
September 18, Chicago - National Futures Association (NFA) has permanently barred from NFA membership Capital Blu Management LLC (Capital Blu), a Commodity Trading Advisor located in Melbourne, Florida. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in June 2009.
The Committee found that Capital Blu failed to cooperate fully and promptly with NFA in its investigation of the firm's operations.
The Decision is one of a series of actions taken against Capital Blu. In September 2008, NFA issued a Member Responsibility Action (MRA) prompted by NFA's investigation which was based upon customer allegations that Capital Blu had provided false statements to customers and participants in the CBM FX Fund LP and possibly other pools. See previous press release.
Additionally in April 2009, the Commodity Futures Trading Commission (CFTC) filed an action in federal court in Florida charging Capital Blu along with other defendants with depositing customer funds into multiple Capital Blu bank accounts, which were commingled and misappropriated for personal use. The Court entered a temporary restraining order freezing their assets and prohibiting Capital Blu from destroying books and records. See narrative of the CFTC Action.
The complete text of the Complaint and Decision can be found on NFA's website (http://www.nfa.futures.org)
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
