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For Immediate Release
November 05, 2001
NFA suspends California Forex firm
November 5, Chicago - National Futures Association has suspended Midland Euro, Inc. (Midland), a California firm, for allegedly keeping two sets of financial records. Midland is a registered futures commission merchant dealing primarily in retail Forex transactions. The action was deemed necessary to protect customers based on Midland's alleged failure to disclose the existence of two customer accounts, which comprised a substantial portion of Midland's business, and one of its bank accounts. In addition, NFA alleged that Midland filed false financial reports with NFA that failed to reflect the liabilities related to the undisclosed accounts. This action suspends Midland until they demonstrate compliance with all NFA Requirements.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.