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July 09, 2007
NFA takes emergency enforcement action against South Florida firm, Forward Forex, Inc.
July 9, Chicago - National Futures Association (NFA) announced that it has taken an emergency enforcement action against Forward Forex, Inc. (Forward Forex), a Futures Commission Merchant and Forex Dealer Member, located in Hollywood, Florida. The Member Responsibility Action prohibits Forward Forex from soliciting, introducing, or accepting any additional customer accounts or customer funds, including foreign currency (forex) transactions. The action also prohibits Forward Forex from acting as a counterparty to any forex transactions. Additionally, the action prohibits Forward Forex from distributing promotional material, advertising, or maintaining any Web sites which promote Forward Forex.
The action, which is effective immediately, is deemed necessary to protect customers because Forward Forex and its employees are unwilling or unable to answer critical audit inquiries, including questions concerning customer complaints and financial transactions relevant to NFA's pending audit examination. During NFA's examination, NFA has repeatedly requested the presence and cooperation of Forward Forex's sole owner and chief executive officer (CEO) Onelio Murias. Forward Forex failed to make Murias available to answer questions necessary for NFA to complete its audit.
The action will remain in effect until Forward Forex has demonstrated that it is in complete compliance with all NFA requirements. Forward Forex may request a hearing before NFA's Hearing Committee.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.