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August 13, 2007
For more information contact:
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org
NFA permanently bars United Global Markets LLC and orders firm to pay $40,000 fine
August 13, Chicago - National Futures Association (NFA) has permanently barred United Global Markets LLC (UGM), a Futures Commission Merchant and Forex Dealer Member located in Boston, Massachusetts, from NFA membership. Additionally, NFA ordered UGM to pay a $40,000 fine. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed in August 2007 and a settlement offer submitted by UGM.
The Committee found that UGM failed to maintain the required minimum adjusted net capital.
The Decision follows a recent enforcement action taken against UGM. In June 2007, NFA issued an emergency Member Responsibility Action against UGM. See previous press release.
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