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November 20, 2003
NFA suspends New York FOREX firm and its owner
November 20, Chicago - National Futures Association (NFA) announced today that it has suspended ISB Clearing Corporation, a futures commission merchant located in New York, New York, and its owner, Ian S. Bursztyn. ISB's principal business is the handling of customer accounts trading in off-exchange foreign currency transactions (FOREX).
NFA took the enforcement action, which is effective immediately, because ISB and Bursztyn provided false information to NFA and failed to maintain minimum financial requirements in accordance with NFA Compliance Rules. The suspension, among other things, prohibits ISB and Bursztyn from conducting business with the public and acting in any manner that requires registration under the Commodity Exchange Act.
The suspension will remain in effect until NFA is satisfied that ISB and Bursztyn are in complete compliance with all NFA requirements. ISB and Bursztyn may petition the Commodity Futures Trading Commission (CFTC) for a stay of this action and may request a hearing before NFA's Hearing Committee.
NFA worked on this investigation with the CFTC in conjunction with its participation in "Operation Wooden Nickel", which was run by federal law enforcement personnel from the Federal Bureau of Investigation and the U.S. Attorney's Office for the Southern District of New York.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.