NFA Penalizes Introducing Broker for Multiple Failures

The NFA barred one of its members permanently from membership and from acting as the principal of an NFA member. The barred member is an introducing broker located in New York City.

Specifically, the NFA Decision found that the NFA member failed to do the following:

• maintain the required minimum adjusted net capital;

• keep accurate financial records;

• comply with the equity withdrawal restriction;

• notify the NFA of the firm's capital deficiencies, which was in violation of NFA Compliance Rule 2-10 and NFA Financial Requirement Sections 4(a), 5(a) and 5(c);

• implement an adequate anti-money laundering program, which was in violation of NFA Compliance Rule 2-9(c); and

• as its senior managing director, adequately supervise the firm's operations.

The NFA member agreed to pay a $15,000 fine.