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June 18, 2007
NFA fines two Chicago firms, Direct Trading Group LLC and Direct Forex LLC
June 18, Chicago - National Futures Association (NFA) has ordered Direct Trading Group LLC and its principal, Joseph P. O'Mara, to pay a $40,000 fine. Direct Trading Group LLC is an Introducing Broker located in Chicago, Illinois. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in November 2006 and a settlement offer submitted by Direct Trading Group LLC and O'Mara.
The Complaint charged Direct Trading Group LLC and O'Mara with using deceptive and misleading promotional material in connection with foreign currency futures and options (forex). In addition, the Complaint charged that Direct Trading Group LLC failed to establish adequate anti-money laundering and disaster recovery programs and to meet net capital requirements.
In a separate enforcement action, NFA ordered another firm of which O'Mara is the principal, Direct Forex LLC, to pay a $35,000 fine. Direct Forex LLC is a Futures Commission Merchant and Forex Dealer Member located in Chicago, Illinois. The Decision, issued by NFA's Business Conduct Committee, is based on the Complaint filed in June 2007 and the settlement offer submitted by Direct Forex LLC.
The Complaint charged that Direct Forex LLC failed to maintain accurate books and records and meet minimum net capital requirements. Additionally, the Complaint charged that Direct Forex LLC used deceptive promotional material.
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