| FOREFRONT INVESTMENTS CORPORATION |
CFTC 3:07CV152 |
NFA ID: 0334858 |
|
| | |
| 0334858 | FOREFRONT INVESTMENTS CORPORATION | 03/31/2008 | | 0367175 | SNELLGROVE, BARBARA | 03/31/2008 | | 0364140 | SNELLGROVE, DONALD ALAN | 03/31/2008 |
| | | | |
| | |
| 0334858 | FOREFRONT INVESTMENTS CORPORATION | • CEA 4f(a) - REGISTRATION REQ FCM/IB/FB/FT | | | | • CEA 4f(b) - FINANCIAL REQUIREMENTS FCM/IB | | | | • CFTC1.17(a) - MINIMUM FINANCIAL REQUIREMENTS FCMS/IBS | | | | • CFTC1.18 - FCM/IB FINANCIAL REPORTING | | 0367175 | SNELLGROVE, BARBARA | • CFTC1.18 - FCM/IB FINANCIAL REPORTING | | | | • CFTC1.17(a) - MINIMUM FINANCIAL REQUIREMENTS FCMS/IBS | | | | • CEA 4f(b) - FINANCIAL REQUIREMENTS FCM/IB | | | | • CEA 4f(a) - REGISTRATION REQ FCM/IB/FB/FT | | 0364140 | SNELLGROVE, DONALD ALAN | • CEA 4f(a) - REGISTRATION REQ FCM/IB/FB/FT | | | | • CFTC1.18 - FCM/IB FINANCIAL REPORTING | | | | • CEA 4f(b) - FINANCIAL REQUIREMENTS FCM/IB | | | | • CFTC1.17(a) - MINIMUM FINANCIAL REQUIREMENTS FCMS/IBS |
| | | | |
|
| | |
| 0334858 | FOREFRONT INVESTMENTS CORPORATION | • CFTC INJUNCTIVE ACTION | | 0367175 | SNELLGROVE, BARBARA | • CFTC INJUNCTIVE ACTION | | 0364140 | SNELLGROVE, DONALD ALAN | • CFTC INJUNCTIVE ACTION |
| | | | |
| | |
| 0334858 | FOREFRONT INVESTMENTS CORPORATION | • PERMANENT INJUNCTION | 03/31/2008 | | | | • OTHER (SEE NARRATIVE) | 03/31/2008 | | | | • FINE $130000 | 03/31/2008 | | 0367175 | SNELLGROVE, BARBARA | • OTHER (SEE NARRATIVE) | 03/31/2008 | | | | • PERMANENT INJUNCTION | 03/31/2008 | | | | • MAY NOT APPLY TO REGISTER 3 YRS | 03/31/2008 | | | | • FINE $130000 | 03/31/2008 | | | | • JOINT OWED | 03/31/2008 | | 0364140 | SNELLGROVE, DONALD ALAN | • JOINT OWED | 03/31/2008 | | | | • PERMANENT INJUNCTION | 03/31/2008 | | | | • MAY NOT APPLY TO REGISTER 3 YRS | 03/31/2008 | | | | • FINE $130000 | 03/31/2008 | | | | • OTHER (SEE NARRATIVE) | 03/31/2008 |
| | | | |
| | |
| Release: 5310-07
For Release: March 27, 2007
U.S. Commodity Futures Trading Commission Files Action Against Futures Commission Merchant Forefront Investments Corporation d/b/a CFG Trader For Failure to Maintain the Minimum Amount of Net Capital Required by Federal Law
Defendant is Charged with Undercapitalization by More Than $2,200,000 and Recordkeeping Violations
Washington, D.C. - The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of a complaint in the U.S. District Court for the Eastern District of Virginia against Forefront Investments Corporation (Forefront) of Richmond, Virginia, a Futures Commission Merchant (FCM) registered with the CFTC.
The complaint alleges violations of the minimum net capital and recordkeeping requirements of the Commodity Exchange Act and Commission regulations. On March 21, 2007, the Honorable Robert E. Payne, U.S. District Court Judge, issued a restraining order freezing the assets of Forefront and prohibiting the defendant from destroying documents or denying CFTC staff access to books and records.
According to the CFTC complaint, as of January 31, 2007, and perhaps earlier, Forefront's net capitalization was below the adjusted net capital required by the Act and a Commission regulation. As of March 19, 2007, the complaint charges, Forefront's adjusted net capitalization remained below the required adjusted net capital with Forefront's total liabilities equaling $8,000,000 while its assets were only $6,760,000. Furthermore, the complaint charges Forefront with failing to maintain books and records that it is required to maintain pursuant to a Commission regulation.
On March 27, 2007, the court issued a preliminary injunction appointing a receiver to marshal the assets of Forefront. In the ongoing action, the CFTC seeks an order of permanent injunction against the defendant, monetary penalties, and other relief.
The Commission coordinated its investigation with, and was assisted by, the National Futures Association. The Office of the United States Attorney for the Eastern District of Virginia provided assistance in this matter.
The Commission also notes that recently an unrelated firm, Forex Capital Markets LLC (FXCM), has issued a press release with contains inaccurate information relating to the proceedings in this matter. Specifically, FXCM inaccurately asserts that the CFTC's approval is required for any transfer of customer accounts to another forex dealer. Contrary to FXCM's claims, the court appointed a receiver who will independently assess offers for Forefront's assets.
The following CFTC Division of Enforcement staff members are responsible for this matter: John Dunfee, Tracey Wingate, Mary Kaminski, Paul Hayeck, and Joan Manley.
### Release: 5483-08
For Release: April 10, 2008
Virginia-Based Forefront Investments Corp. and Richmond Couple Ordered to Pay $260,000 to Settle Undercapitalization Charges
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) announced today that it obtained $260,000 in civil monetary penalties in a CFTC enforcement action charging undercapitalization against Forefront Investment Corporation (Forefront) and Donald and Barbara Snellgrove, of Richmond, Virginia. Forefront is a registered Futures Commission Merchant (FCM)
The consent order, entered on March 31 2008, imposes a $130,000 civil monetary penalty each on Forefront and the Snellgroves and prohibits the Snellgroves from registering with the CFTC for a three-year period.
The order stems from a CFTC complaint filed on March 20, 2007, charging that Forefront, since at least January 31, 2007, was undercapitalized by approximately $2.3 million, in violation of the minimum net capital and record keeping requirements of the Commodity Exchange Act and CFTC regulations (see CFTC News Release 5310-07, March 27, 2007).
On March 27, 2007, the Honorable Robert E. Payne, U.S. District Court Judge granted the CFTC a preliminary injunction order against the defendants, which froze Forefront’s assets and appointed a Receiver (see CFTC News Release 5311-07, March 29, 2007). On April 10, 2007, the Receiver sold Forefront’s customer accounts to I-Trade FX, LLC, and settled all claims with the CFTC and the Snellgroves.
The Snellgroves were charged separately in an amended CFTC complaint filed on July 19, 2007, for controlling person liability in their capacity as Forefront’s principals.
The following CFTC staff members are responsible for this case: Tracey Wingate, John Dunfee, Paul Hayeck, and Joan Manley.
Last Updated: April 10, 2008
| | | |
| Release: 5310-07
For Release: March 27, 2007
U.S. Commodity Futures Trading Commission Files Action Against Futures Commission Merchant Forefront Investments Corporation d/b/a CFG Trader For Failure to Maintain the Minimum Amount of Net Capital Required by Federal Law
Defendant is Charged with Undercapitalization by More Than $2,200,000 and Recordkeeping Violations
Washington, D.C. - The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of a complaint in the U.S. District Court for the Eastern District of Virginia against Forefront Investments Corporation (Forefront) of Richmond, Virginia, a Futures Commission Merchant (FCM) registered with the CFTC.
The complaint alleges violations of the minimum net capital and recordkeeping requirements of the Commodity Exchange Act and Commission regulations. On March 21, 2007, the Honorable Robert E. Payne, U.S. District Court Judge, issued a restraining order freezing the assets of Forefront and prohibiting the defendant from destroying documents or denying CFTC staff access to books and records.
According to the CFTC complaint, as of January 31, 2007, and perhaps earlier, Forefront's net capitalization was below the adjusted net capital required by the Act and a Commission regulation. As of March 19, 2007, the complaint charges, Forefront's adjusted net capitalization remained below the required adjusted net capital with Forefront's total liabilities equaling $8,000,000 while its assets were only $6,760,000. Furthermore, the complaint charges Forefront with failing to maintain books and records that it is required to maintain pursuant to a Commission regulation.
On March 27, 2007, the court issued a preliminary injunction appointing a receiver to marshal the assets of Forefront. In the ongoing action, the CFTC seeks an order of permanent injunction against the defendant, monetary penalties, and other relief.
The Commission coordinated its investigation with, and was assisted by, the National Futures Association. The Office of the United States Attorney for the Eastern District of Virginia provided assistance in this matter.
The Commission also notes that recently an unrelated firm, Forex Capital Markets LLC (FXCM), has issued a press release with contains inaccurate information relating to the proceedings in this matter. Specifically, FXCM inaccurately asserts that the CFTC's approval is required for any transfer of customer accounts to another forex dealer. Contrary to FXCM's claims, the court appointed a receiver who will independently assess offers for Forefront's assets.
The following CFTC Division of Enforcement staff members are responsible for this matter: John Dunfee, Tracey Wingate, Mary Kaminski, Paul Hayeck, and Joan Manley.
### Release: 5483-08
For Release: April 10, 2008
Virginia-Based Forefront Investments Corp. and Richmond Couple Ordered to Pay $260,000 to Settle Undercapitalization Charges
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) announced today that it obtained $260,000 in civil monetary penalties in a CFTC enforcement action charging undercapitalization against Forefront Investment Corporation (Forefront) and Donald and Barbara Snellgrove, of Richmond, Virginia. Forefront is a registered Futures Commission Merchant (FCM)
The consent order, entered on March 31 2008, imposes a $130,000 civil monetary penalty each on Forefront and the Snellgroves and prohibits the Snellgroves from registering with the CFTC for a three-year period.
The order stems from a CFTC complaint filed on March 20, 2007, charging that Forefront, since at least January 31, 2007, was undercapitalized by approximately $2.3 million, in violation of the minimum net capital and record keeping requirements of the Commodity Exchange Act and CFTC regulations (see CFTC News Release 5310-07, March 27, 2007).
On March 27, 2007, the Honorable Robert E. Payne, U.S. District Court Judge granted the CFTC a preliminary injunction order against the defendants, which froze Forefront’s assets and appointed a Receiver (see CFTC News Release 5311-07, March 29, 2007). On April 10, 2007, the Receiver sold Forefront’s customer accounts to I-Trade FX, LLC, and settled all claims with the CFTC and the Snellgroves.
The Snellgroves were charged separately in an amended CFTC complaint filed on July 19, 2007, for controlling person liability in their capacity as Forefront’s principals.
The following CFTC staff members are responsible for this case: Tracey Wingate, John Dunfee, Paul Hayeck, and Joan Manley.
Last Updated: April 10, 2008
| | | |
| Release: 5310-07
For Release: March 27, 2007
U.S. Commodity Futures Trading Commission Files Action Against Futures Commission Merchant Forefront Investments Corporation d/b/a CFG Trader For Failure to Maintain the Minimum Amount of Net Capital Required by Federal Law
Defendant is Charged with Undercapitalization by More Than $2,200,000 and Recordkeeping Violations
Washington, D.C. - The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of a complaint in the U.S. District Court for the Eastern District of Virginia against Forefront Investments Corporation (Forefront) of Richmond, Virginia, a Futures Commission Merchant (FCM) registered with the CFTC.
The complaint alleges violations of the minimum net capital and recordkeeping requirements of the Commodity Exchange Act and Commission regulations. On March 21, 2007, the Honorable Robert E. Payne, U.S. District Court Judge, issued a restraining order freezing the assets of Forefront and prohibiting the defendant from destroying documents or denying CFTC staff access to books and records.
According to the CFTC complaint, as of January 31, 2007, and perhaps earlier, Forefront's net capitalization was below the adjusted net capital required by the Act and a Commission regulation. As of March 19, 2007, the complaint charges, Forefront's adjusted net capitalization remained below the required adjusted net capital with Forefront's total liabilities equaling $8,000,000 while its assets were only $6,760,000. Furthermore, the complaint charges Forefront with failing to maintain books and records that it is required to maintain pursuant to a Commission regulation.
On March 27, 2007, the court issued a preliminary injunction appointing a receiver to marshal the assets of Forefront. In the ongoing action, the CFTC seeks an order of permanent injunction against the defendant, monetary penalties, and other relief.
The Commission coordinated its investigation with, and was assisted by, the National Futures Association. The Office of the United States Attorney for the Eastern District of Virginia provided assistance in this matter.
The Commission also notes that recently an unrelated firm, Forex Capital Markets LLC (FXCM), has issued a press release with contains inaccurate information relating to the proceedings in this matter. Specifically, FXCM inaccurately asserts that the CFTC's approval is required for any transfer of customer accounts to another forex dealer. Contrary to FXCM's claims, the court appointed a receiver who will independently assess offers for Forefront's assets.
The following CFTC Division of Enforcement staff members are responsible for this matter: John Dunfee, Tracey Wingate, Mary Kaminski, Paul Hayeck, and Joan Manley.
### Release: 5483-08
For Release: April 10, 2008
Virginia-Based Forefront Investments Corp. and Richmond Couple Ordered to Pay $260,000 to Settle Undercapitalization Charges
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) announced today that it obtained $260,000 in civil monetary penalties in a CFTC enforcement action charging undercapitalization against Forefront Investment Corporation (Forefront) and Donald and Barbara Snellgrove, of Richmond, Virginia. Forefront is a registered Futures Commission Merchant (FCM)
The consent order, entered on March 31 2008, imposes a $130,000 civil monetary penalty each on Forefront and the Snellgroves and prohibits the Snellgroves from registering with the CFTC for a three-year period.
The order stems from a CFTC complaint filed on March 20, 2007, charging that Forefront, since at least January 31, 2007, was undercapitalized by approximately $2.3 million, in violation of the minimum net capital and record keeping requirements of the Commodity Exchange Act and CFTC regulations (see CFTC News Release 5310-07, March 27, 2007).
On March 27, 2007, the Honorable Robert E. Payne, U.S. District Court Judge granted the CFTC a preliminary injunction order against the defendants, which froze Forefront’s assets and appointed a Receiver (see CFTC News Release 5311-07, March 29, 2007). On April 10, 2007, the Receiver sold Forefront’s customer accounts to I-Trade FX, LLC, and settled all claims with the CFTC and the Snellgroves.
The Snellgroves were charged separately in an amended CFTC complaint filed on July 19, 2007, for controlling person liability in their capacity as Forefront’s principals.
The following CFTC staff members are responsible for this case: Tracey Wingate, John Dunfee, Paul Hayeck, and Joan Manley.
Last Updated: April 10, 2008
| | |
| | | | |
|
|