October 30, Chicago - National Futures Association (NFA) has ordered Forex
Club LLC (FX Club), a New York-based futures commission merchant and forex
dealer member, and Peter
Tatarnikov, a former principal of the firm, to pay a $300,000 fine as a
result of an NFA Complaint filed October 25 and a settlement offer submitted by
FX Club and Tatarnikov.
The Complaint, issued by NFA's Business Conduct Committee (BCC), alleged that
FX Club violated several NFA requirements, including failing to maintain
adequate books and records, failing to maintain an adequate anti-money
laundering program, failing to report trade data in a timely fashion and failing
to comply with NFA's Enhanced Supervisory Requirements. The Complaint also
alleged that FX Club-together with Tatarnikov-failed to supervise.
In addition to the $300,000 fine, FX Club also must correct all deficiencies
and implement all recommendations noted during a review conducted by an outside,
independent party, and file its fiscal year end annual statements prepared and
certified by an independent public accountant who is registered under the
Sarbanes-Oxley Act.
FX Club and Tatarnikov neither admitted nor denied the charges.
The complete texts of the Complaint and Decision are available on NFA's website (www.nfa.futures.org).
