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July 24, 2007
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Larry Dyekman (312) 781-1372, firstname.lastname@example.org
NFA takes emergency enforcement action against Nations Investments LLC
July 24, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Nations Investments LLC (Nations), a Futures Commission Merchant and Forex Dealer Member located in Fort Lauderdale, Florida.
The Member Responsibility Action, effective immediately, prohibits Nations from accepting any additional customer accounts or funds, accepting or placing trades for any customer accounts except for the liquidation of existing customer positions and from acting as a counterparty to foreign currency (forex) transactions. The action also prohibits Nations from distributing, disbursing or transferring any funds, including to existing customers, without NFA approval.
Nations must liquidate all customer and firm forex positions, including all forex positions held in any account for any Nations' principal or employees, by 5:00pm (EDT) on Wednesday, July 25, 2007. Additionally, the action prohibits Nations from initiating any additional positions in such accounts.
NFA took the action because Nations failed to demonstrate that it meets NFA's capital and financial requirements. Nations indicated to NFA that they are currently under the minimum adjusted net capital by approximately $3.5 million. The action is deemed necessary to protect customers because the firm does not have sufficient assets to meet its $5 million obligation to its customers. Nations 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.