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May 29, 2007
NFA orders Interactive Brokers LLC to pay $125,000 fine and pay up to $325,000 in restitution
May 29, Chicago - National Futures Association (NFA) ordered Interactive Brokers LLC (Interactive), a Futures Commission Merchant (FCM) located in Greenwich, Connecticut, to pay a $125,000 fine and to pay up to $325,000 into a "restitution fund" at NFA. NFA will administer the "restitution fund" for the benefit of individuals who invested with Kevin Steele, a non-Member of NFA and in the near future will contact Mr. Steele's investors with details relating to the fund.
The Complaint filed in June 2006, alleged in part that Interactive did business with Steele, who maintained personal trading accounts at Interactive that were in his name but were actually illegal commodity pools, which Steele funded with money he received from investors. The Complaint also alleged that Interactive failed to maintain adequate books and records necessary to conduct its business. Another count of the Complaint, which charged Interactive with failing to cooperate with an NFA examination and inquiry, was dismissed.
The Decision, issued by an NFA Hearing Panel, is based on the Complaint and a settlement offer submitted by Interactive. The entry of this Decision and the sanctions in this matter do not represent a finding by NFA or the Hearing Panel with regard to any particular allegation made in the Complaint of this matter.
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