| ALPARI US LLC |
NFA 12BCC00020 |
NFA ID: 0379678 |
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| 0379678 | ALPARI US LLC | 08/09/2012 | | 0422961 | HARMON, JERMAINE CALVIN | 08/09/2012 | | 0101840 | LANI, RICHARD ANTHONY | 08/09/2012 |
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| 0379678 | ALPARI US LLC | • C.R.2-43(a) - FOREX PRICE ADJUSTMENTS | | | | • C.R.2-48 - FDM DAILY TRADE DATA REPORTS | | | | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | | | • C.R.2-10 - RECORDKEEPING FCMS/IBS | | | | • C.R.2-9(b) - ENHANCED SUPERVISORY REQUIREMENTS | | | | • C.R.2-36(c) - FOREX DEALER MEMBERS OBSERVE HIGH STDS OF COMMERCIAL HONOR | | 0422961 | HARMON, JERMAINE CALVIN | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | 0101840 | LANI, RICHARD ANTHONY | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES |
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| 0379678 | ALPARI US LLC | • BUSINESS CONDUCT COMMITTEE | | 0422961 | HARMON, JERMAINE CALVIN | • BUSINESS CONDUCT COMMITTEE | | 0101840 | LANI, RICHARD ANTHONY | • BUSINESS CONDUCT COMMITTEE |
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| 0379678 | ALPARI US LLC | • GENERAL CONDUCT | | 0422961 | HARMON, JERMAINE CALVIN | • GENERAL CONDUCT | | 0101840 | LANI, RICHARD ANTHONY | • GENERAL CONDUCT |
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| 0379678 | ALPARI US LLC | • OTHER--SEE NARRATIVE | 07/25/2012 | | | | • FINE $200000 | 07/25/2012 | | 0422961 | HARMON, JERMAINE CALVIN | • OTHER--SEE NARRATIVE | 07/25/2012 | | 0101840 | LANI, RICHARD ANTHONY | • OTHER--SEE NARRATIVE | 07/25/2012 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On June 29, 2012, NFA issued a Complaint charging Alpari with improperly cancelling forex trades and removing profits from customer accounts; failing to timely report trade data and other required information to NFA; failing to keep accurate records; failing to observe high standards of commercial honor and just and equitable principles of trade; and failing to comply with NFA's Enhanced Supervisory Requirements. The Complaint also charged Alpari, Harmon and Lani with failing to supervise.
DECISION:
On July 25, 2012, pursuant to a settlement offer submitted by Alpari, Harmon and Lani, Alpari was ordered to pay a $200,000 fine. Alpari was also ordered to refund to customers the amount of their losses. Such refunds shall be paid within 30 days of the effective date of the Decision. Alpari must provide verification to NFA that the refunds were paid to and received by customers. Alpari was further ordered to submit a written report to NFA which documents: 1) the results of an independent review of Alpari's electronic trading platforms conducted by a qualified outside party; and 2) the undertakings Alpari has implemented to remedy deficiencies with the firm's internal controls and the firm's compliance with NFA's Enhanced Supervisory Requirements. Such report shall be submitted to NFA within 180 days of the effective date of the Decision.
The charges against Harmon and Lani will remain open for one year. In the event that Harmon and Lani are not charged by NFA for a failure to supervise during the one-year period, the instant charges against them will be dismissed with prejudice. If, on the other hand, during the one-year probationary period Harmon or Lani is charged by NFA for failure to supervise, the present matter will proceed to a hearing as to them. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On June 29, 2012, NFA issued a Complaint charging Alpari with improperly cancelling forex trades and removing profits from customer accounts; failing to timely report trade data and other required information to NFA; failing to keep accurate records; failing to observe high standards of commercial honor and just and equitable principles of trade; and failing to comply with NFA's Enhanced Supervisory Requirements. The Complaint also charged Alpari, Harmon and Lani with failing to supervise.
DECISION:
On July 25, 2012, pursuant to a settlement offer submitted by Alpari, Harmon and Lani, Alpari was ordered to pay a $200,000 fine. Alpari was also ordered to refund to customers the amount of their losses. Such refunds shall be paid within 30 days of the effective date of the Decision. Alpari must provide verification to NFA that the refunds were paid to and received by customers. Alpari was further ordered to submit a written report to NFA which documents: 1) the results of an independent review of Alpari's electronic trading platforms conducted by a qualified outside party; and 2) the undertakings Alpari has implemented to remedy deficiencies with the firm's internal controls and the firm's compliance with NFA's Enhanced Supervisory Requirements. Such report shall be submitted to NFA within 180 days of the effective date of the Decision.
The charges against Harmon and Lani will remain open for one year. In the event that Harmon and Lani are not charged by NFA for a failure to supervise during the one-year period, the instant charges against them will be dismissed with prejudice. If, on the other hand, during the one-year probationary period Harmon or Lani is charged by NFA for failure to supervise, the present matter will proceed to a hearing as to them. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On June 29, 2012, NFA issued a Complaint charging Alpari with improperly cancelling forex trades and removing profits from customer accounts; failing to timely report trade data and other required information to NFA; failing to keep accurate records; failing to observe high standards of commercial honor and just and equitable principles of trade; and failing to comply with NFA's Enhanced Supervisory Requirements. The Complaint also charged Alpari, Harmon and Lani with failing to supervise.
DECISION:
On July 25, 2012, pursuant to a settlement offer submitted by Alpari, Harmon and Lani, Alpari was ordered to pay a $200,000 fine. Alpari was also ordered to refund to customers the amount of their losses. Such refunds shall be paid within 30 days of the effective date of the Decision. Alpari must provide verification to NFA that the refunds were paid to and received by customers. Alpari was further ordered to submit a written report to NFA which documents: 1) the results of an independent review of Alpari's electronic trading platforms conducted by a qualified outside party; and 2) the undertakings Alpari has implemented to remedy deficiencies with the firm's internal controls and the firm's compliance with NFA's Enhanced Supervisory Requirements. Such report shall be submitted to NFA within 180 days of the effective date of the Decision.
The charges against Harmon and Lani will remain open for one year. In the event that Harmon and Lani are not charged by NFA for a failure to supervise during the one-year period, the instant charges against them will be dismissed with prejudice. If, on the other hand, during the one-year probationary period Harmon or Lani is charged by NFA for failure to supervise, the present matter will proceed to a hearing as to them. | | |
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