| RYAN LITFIN |
NFA 12BCC00015 |
NFA ID: 0426431 |
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| 0426431 | LITFIN, RYAN | 09/27/2012 | | 0426401 | VINCENT CAPITAL GROUP LLC | 09/27/2012 |
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| 0426431 | LITFIN, RYAN | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | | | • C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | | | • C.R.2-22 - PROHIP REPS RE:NFA SPONSOR/APPRVL | | | | • C.R.2-29(b)(4) - USE OF HYPOTHETICAL RESULTS | | | | • C.R.2-29(b)(1) - USE OF DECEPTIVE PROMO MATER. | | | | • BLAW301(j) - ELIGIBILITY TO CONDUCT FOREX ACTIVITIES | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | 0426401 | VINCENT CAPITAL GROUP LLC | • BLAW301(j) - ELIGIBILITY TO CONDUCT FOREX ACTIVITIES | | | | • C.R.2-29(h) - RADIO AND TELEVISION ADVERTISEMENTS | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | | | • C.R.2-29(b)(1) - USE OF DECEPTIVE PROMO MATER. | | | | • BLAW301(b) - REGISTRATION OF APS AS ASSOCIATES | | | | • C.R.2-22 - PROHIP REPS RE:NFA SPONSOR/APPRVL | | | | • C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | | | • C.R.2-29(b)(4) - USE OF HYPOTHETICAL RESULTS |
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| 0426431 | LITFIN, RYAN | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE | | 0426401 | VINCENT CAPITAL GROUP LLC | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE |
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| 0426431 | LITFIN, RYAN | • REGISTRATION | | | | • SALES PRACTICE | | 0426401 | VINCENT CAPITAL GROUP LLC | • REGISTRATION | | | | • SALES PRACTICE |
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| 0426431 | LITFIN, RYAN | • FINE (JOINTLY AND SEVERALLY) $ | 09/12/2012 | | 0426401 | VINCENT CAPITAL GROUP LLC | • FINE (JOINTLY AND SEVERALLY) $25000 | 09/12/2012 | | | | • OTHER--SEE NARRATIVE | 09/12/2012 | | | | • SUBMIT PROMOTIONAL MATERIAL TO NFA | 09/12/2012 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On April 13, 2012, NFA issued a Complaint charging VCG and Litfin with making misleading sales solicitations; using misleading promotional material; and making prohibited representations regarding NFA. VCG is charged with failing to submit a radio advertisement to NFA for pre-review; allowing an unregistered individual to act in a capacity requiring registration as an AP; and soliciting for forex trading without being approved as a forex firm by NFA. Litfin was also charged with soliciting for forex trading without being approved as a forex AP by NFA.
ANSWER:
On May 9, 2012, VCG and Litfin filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On September 12, 2012, pursuant to a settlement offer submitted by VCG and Litfin, VCG and Litfin were ordered to pay a $25,000 fine and are jointly and severally liable for the payment of the fine. Within 30 days of the Decision, VCG was ordered to adopt and execute specific written procedures, and provide the procedures to NFA, related to ensuring that no individual or entity is permitted by VCG to act in any capacity on its behalf which requires any type of registration and/or approval from the CFTC and/or NFA without the required registration and/or approval. In addition, VCG was ordered to pre-submit all promotional material to NFA for review and approval at least ten days before its use and not use any promotional material unless it has been approved by NFA, provided that, in the case of live radio broadcasts, VCG must submit an outline of the contemplated broadcast to NFA at least five days before its broadcast and must submit a full audio recording of the program to NFA within three days of its broadcast. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On April 13, 2012, NFA issued a Complaint charging VCG and Litfin with making misleading sales solicitations; using misleading promotional material; and making prohibited representations regarding NFA. VCG is charged with failing to submit a radio advertisement to NFA for pre-review; allowing an unregistered individual to act in a capacity requiring registration as an AP; and soliciting for forex trading without being approved as a forex firm by NFA. Litfin was also charged with soliciting for forex trading without being approved as a forex AP by NFA.
ANSWER:
On May 9, 2012, VCG and Litfin filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On September 12, 2012, pursuant to a settlement offer submitted by VCG and Litfin, VCG and Litfin were ordered to pay a $25,000 fine and are jointly and severally liable for the payment of the fine. Within 30 days of the Decision, VCG was ordered to adopt and execute specific written procedures, and provide the procedures to NFA, related to ensuring that no individual or entity is permitted by VCG to act in any capacity on its behalf which requires any type of registration and/or approval from the CFTC and/or NFA without the required registration and/or approval. In addition, VCG was ordered to pre-submit all promotional material to NFA for review and approval at least ten days before its use and not use any promotional material unless it has been approved by NFA, provided that, in the case of live radio broadcasts, VCG must submit an outline of the contemplated broadcast to NFA at least five days before its broadcast and must submit a full audio recording of the program to NFA within three days of its broadcast. | | |
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