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April 23, 2007
NFA orders California Forex Dealer Member, Forex International Investments, Inc., and its principals to pay $100,000 fine
April 23, Chicago - National Futures Association (NFA) ordered Forex International Investments, Inc. (FINI) and its principals, Imran Firoz and Alex Dekhtyar, to pay a fine of $100,000. FINI is a Futures Commission Merchant and Forex Dealer Member located in Irvine, California. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in October 2006, and a settlement offer submitted by FINI, Firoz and Dekhtyar.
The Hearing Panel found that FINI failed to make timely filings disclosing its principals, failed to provide its customers with timely trading information and failed to initiate an adequate anti-money laundering program. The Panel also found that FINI used misleading promotional material. In addition, the Panel found that FINI, Firoz and Dekhtyar failed to supervise their employees in the conduct of their foreign currency futures and options (forex) activities.
In addition to the fine, FINI must maintain adjusted net capital equal to or more than $2,000,000 and shall not use any promotional material without prior NFA approval. Also, any entity that solicits the public to do business with or through FINI, regardless of whether or not the entity is registered with the CFTC, must use only NFA-approved promotional material.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.