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July 23, 2009
NFA permanently bars California commodity pool operator and trading advisor, Foreign Trade Bank Securities, Inc.
July 23, Chicago - National Futures Association (NFA) has permanently barred Foreign Trade Bank Securities, Inc. (Foreign Trade Bank) from NFA membership. Foreign Trade Bank was a Commodity Pool Operator and Commodity Trading Advisor located in Fallbrook, California. William B. Wassink, Foreign Trade Bank's principal and sole associated person (AP), is also barred from NFA, and from acting as a principal, for a period of three years. In the event that Wassink reapplies for NFA membership, he must pay a fine of $5,000. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in March 2009 and a settlement offer submitted by Foreign Trade Bank and Wassink.
The Panel found that Foreign Trade Bank and Wassink failed to provide certain records as requested by NFA during an audit relating to the FTB Fund, an exempt commodity pool operated by the firm.
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