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September 20, 2007
NFA orders Bacera Corporation and its principals to pay a fine of $50,000
September 20, Chicago - National Futures Association (NFA) has ordered Bacera Corporation (Bacera) and its principals, Anthony K. Wong, Hugo C. Valdivia and Elton Hsu, to jointly pay a fine of $50,000. Bacera is a Futures Commission Merchant, Commodity Pool Operator and a Forex Dealer Member, located in Monrovia, California. Bacera must also submit an audit statement to NFA that certifies that the firm is in compliance with NFA Financial Requirements. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed in June 2007 and a settlement offer submitted by Bacera, Wong, Valdivia and Hsu.
The Committee found that Bacera failed to maintain required adjusted net capital, failed to give required notice of being below its minimum net capital requirement, and failed to take required capital charges and maintain accurate records. The Committee also found that Bacera used deceptive statements on its Web site. Additionally, the Committee found that Bacera and Wong failed to supervise their employees in their foreign currency and options (forex) activities.
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