News Releases2022 | 2021 | 2020 | 2019 | 2018 | Show more years
April 26, 2011
NFA takes emergency enforcement action against Texas Commodity Trading Advisor FIN FX LLC and its principal
April 26, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against FIN FX LLC (FINFX) and its principal, Leon L. Wolmarans. FINFX is a Commodity Trading Advisor located in Carrolton, Texas.
NFA's investigation found that FINFX and Wolmarans attempted to solicit customers with false and misleading information, including deceptive performance claims on FINFX's website. Additionally, FINFX and Wolmarans provided misleading information to NFA and failed to cooperate with NFA in its examination of the firm by failing to provide information and produce records requested by NFA.
Based on NFA's investigation, NFA's Executive Committee issued a Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) against FINFX and Wolmarans which suspended them from NFA membership, effective immediately. FINFX and Wolmarans are also prohibited from soliciting or accepting funds from customers or investors and soliciting any investments for any investment vehicles. FINFX and Wolmarans are prohibited from disbursing or transferring any funds from any accounts (including securities, commodities, and forex) without prior NFA approval.
The MRA/ARA will remain in effect until such time that FINFX and Wolmarans demonstrate that they are in complete compliance with all NFA Requirements. FINFX and Wolmarans may request a prompt hearing before NFA's Hearing Committee.
The following Compliance staff members are responsible for this case: Alexander Kranz, Compliance Manager (312-781-1475) and Mark Arnold, Compliance Supervisor (312-781-1688).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.