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November 13, 2007
National Futures Association orders New World Holdings LLC to pay fine of $30,000
November 13, Chicago - National Futures Association (NFA) has ordered New World Holdings LLC (New World Holdings) to pay a fine of $30,000. New World Holdings is an Introducing Broker located in Chicago, Illinois. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in April 2007 and a settlement offer submitted by New World Holdings.
The Panel found that New World Holdings failed to supervise its operations and the operations of its branch offices. Additionally, the Panel found that New World Holdings violated several other NFA Compliance Rules, including failure to prepare and report monthly net capital requirements and failure to prepare an adequate anti-money laundering program.
The Decision also requires New World Holdings to adopt and implement written compliance procedures as well as employ an external compliance consultant to monitor the firm's compliance program and activities for a period of two years.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.