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May 2, 2012
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NFA fines Chicago futures firm Olympus Futures and its owner Howard Malman
May 2, Chicago - National Futures Association (NFA) announced today that it has levied a $100,000 fine against Olympus Futures, Inc. (OFI), an introducing broker located in Chicago, Illinois, and Howard K. Malman (Malman), the sole owner and a principal of the firm. A panel of NFA's Hearing Committee issued the Decision, based upon a Complaint issued by NFA's Business Conduct Committee in December 2011 and a settlement offer submitted by OFI, Malman and OFI's Chief Compliance Officer Michelle Bodenshok.
The Complaint alleged that OFI, Malman and Bodenshok failed to diligently supervise OFI's operations. Additionally, the Complaint alleged that OFI provided late anti-money laundering (AML) training, conducted an inadequate AML audit, included two misleading statements on its website and failed to adequately review promotional material.
In addition to the $100,000 fine, OFI and Malman agreed to adopt specific undertakings to detect and prevent unsupervised contacts between OFI's associated persons and customers and to identify potential problematic trading in customer accounts. Bodenshok agreed not to work in a compliance related capacity at any NFA Member for two years unless she is subject to supervision by the Member in the execution of her duties.
The complete text of the Complaint and Decision can be found on NFA's website.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.