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February 02, 2007
National Futures Association joins national organizations to sponsor ninth annual National Consumer Protection Week
February 2, Chicago - National Futures Association (NFA) has joined a group of federal, state, and local government agencies and national consumer advocacy organizations to launch the ninth annual National Consumer Protection Week (NCPW), February 4-10, 2007. NCPW highlights consumer education efforts in the fight against fraud in communities across the nation. This year, NCPW's national organizers encourage everyone to read up and reach out to be an informed consumer. By gathering and sharing information, consumers - and their friends and families - can be more confident, savvy and safe in the marketplace.
NFA, the industrywide self-regulatory organization for the US futures industry, provides consumers with information they need to understand the risks involved in trading futures, options on futures and off-exchange foreign currency (forex).
In conjunction with National Consumer Protection Week, NFA has updated its Forex Investor Alert, which was first published in August 2003. NFA also publishes a brochure, "Trading in the Retail Off-Exchange Foreign Currency Market: What Investors Need to Know", and an interactive online learning program. All of NFA's investor education materials are available at no charge to the public in the Investor Learning Center section of NFA's Web site (www.nfa.futures.org).
"Forex fraud continues to be a growing problem for US consumers," says NFA President Dan Roth. "One of the most effective methods of fighting fraud is through investor education. The more a person understands how the forex markets work and the risks inherent in forex trading, the less likely they will become victims of fraudulent activity."
Over the past few years, NFA has taken enforcement actions against a number of its Forex Dealer Members. In addition, the Commodity Futures Trading Commission (CFTC) has filed 93 enforcement actions in federal court against hundreds of firms, owners and employees for defrauding over 25,000 customers who lost over $395 million in forex schemes.
"If you believe you are a victim of forex fraud or have discovered a company operating fraudulently, tell everyone you can," advises CFTC Commissioner Michael Dunn. "Call the CFTC, NFA, your local sheriff's office and attorney general. The more quickly we, or any other regulator, learn about a forex scam the better chance there is to stop it."
NFA and the CFTC encourage members of the public to report any suspicious activities involving foreign currency investments or suspicious Internet Web sites. Contact NFA's Information Center at 1-800-621-3570 or 1-312-781-1410 or file a complaint through NFA's Web site. Contact the CFTC at 1-866-366-2382, visit the CFTC's Web site (www.cftc.gov) or fill out the CFTC's Internet Report Form.
For more information about NCPW, visit http://www.consumer.gov/ncpw.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.