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On November 13, 2012, NFA issued a Complaint charging Transcend with doing business with an unregistered forex counterparty and failing to supervise.
On January 3, 2013, Transcend filed an Answer to the Complaint in which the firm denied the material allegations contained therein.
On April 9, 2013, pursuant to a settlement offer submitted by Transcend, the firm was ordered to withdraw from NFA membership effective on the date of the Decision. Further, should Transcend reapply in the future for NFA membership or principal status with any NFA Member, Transcend was ordered to pay a $10,000 fine, due and payable in full on or before the date of any such application. No consideration will be given to or action taken on any future application of Transcend for NFA membership or principal status with any NFA Member until the fine has been paid in full.