News Releases2018 | 2017 | 2016 | 2015 | 2014 | Show more years
May 17, 2007
National Futures Association fines New Jersey forex firm
May 17, Chicago - National Futures Association has levied a $100,000 fine against GAIN Capital Group (GCG) , LLC, a futures commission merchant and a forex dealer Member of NFA located in New Jersey. The Decision, issued by NFA's Hearing Panel on April 27, resulted from a three-count NFA Complaint filed in December 2006, alleging that GCG used deficient promotional materials, failed to notify NFA regarding its commencement of forex business and failed to conform aspects of its anti-money laundering program to NFA Compliance Rule 2-9(c). The count alleging Gain's failure to notify NFA was dismissed and the Decision only affected the remaining two counts.
GAIN has thirty days in which to pay the fine, which is part of the settlement offer to which GCG agreed, without admitting to or denying the charges. The full text of the Decision and Complaint can be found on NFA's Web site (www.nfa.futures.org).
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.