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COMPLAINT:
On June 6, 2012, NFA issued a Complaint charging ILQ with offsetting forex trades with unregulated counterparties; failing to report counterparties to NFA; failing to uphold high stadards of commercial honor and just and equitable principles of trade; allowing an unregistered individual to act in a capacity requiring registration as an AP; and allowing an individual who was not approved as a forex AP by NFA to commence forex activities.
ANSWER:
On July 19, 2012, ILQ filed an Answer to the Complaint in which the firm denied the material allegations contained therein.
DECISION:
On August 28, 2012, pursuant to a settlement offer submitted by ILQ, the firm was ordered to pay a $50,000 fine. In addition, the firm was ordered to adopt and execute written procedures within 60 days of the Decision and provide them to NFA.
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