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For Immediate Release
March 19, 2007
NFA takes emergency enforcement action against Forefront Investments Corporation, a Virginia Forex Dealer Member
[NFA issued a correction to this press release on March 20.]
March 19, Chicago - National Futures Association (NFA) announced today that it has suspended Forefront Investments Corporation (Forefront), a futures commission merchant (FCM) and Forex Dealer Member, located in Richmond, Virginia. The suspension, which becomes effective immediately, prohibits Forefront from soliciting or accepting any additional customer accounts or funds. The suspension also prohibits Forefront from accepting or placing trades for any customer accounts except for the liquidation of existing customers.
Forefront must liquidate all customer and firm positions by 3:00 p.m. (EDT) on Wednesday, March 21, 2007. In addition, Forefront must immediately liquidate all positions held in any account for any Forefront principal or employee and is forbidden from initiating any additional positions in such accounts. Furthermore, the suspension prohibits Forefront from distributing, disbursing or transferring any funds, including to existing customers, without prior approval from NFA.
NFA took this Member Responsibility Action because Forefront failed to maintain and produce current and accurate books and records. In addition, Forefront failed to demonstrate that it is in full compliance with NFA's capital and other financial requirements.
The suspension will remain in effect until NFA is satisfied that Forefront is in complete compliance with all NFA requirements. Forefront may request a hearing before NFA's Hearing Committee.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.