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November 9, 2022
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NFA orders Chicago, Ill. introducing broker Stage 5 Trading Corp. to pay a $75,000 fine
November 9, Chicago—NFA has ordered Stage 5 Trading Corp. (Stage 5) to pay a $75,000 fine. Stage 5 is an introducing broker (IB) Member of NFA located in Chicago, Illinois.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Stage 5, in which the firm neither admitted nor denied the allegations in the Complaint. The BCC's Complaint charged Stage 5 with doing business with an unregistered forex IB and using a website that did not distinguish clearly between Stage 5 and the unregistered forex IB. The Complaint also charged Stage 5 with failing to diligently supervise the firm's forex operations.
In its Decision, the BCC found that Stage 5 violated NFA Compliance Rules 2-36(d), 2-36(e) and 2-36(g), as incorporated through NFA Compliance Rule 2-39(a).
The complete text of the Complaint and Decision can be viewed on NFA's website.