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March 1, 2023
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NFA orders Chicago, Ill. futures commission merchant E*Trade Futures LLC to pay a $75,000 fine
March 1, Chicago—NFA has ordered Chicago, Ill. futures commission merchant Member E*Trade Futures LLC (E*Trade) to pay a $75,000 fine.
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 E*Trade. In the settlement offer, the firm neither admitted nor denied the allegations in the Complaint. In its Decision, the BCC found that E*Trade violated NFA Compliance Rule 2-10(a) by failing to maintain adequate books and records; violated NFA Financial Requirements Sections 1 and 16 by failing to file timely and accurate daily segregation reports, and by failing to file an accurate segregated investment detail report and an accurate monthly financial report; violated NFA Compliance Rule 2-26 by failing to provide confirmation statements to customers and by failing to provide accurate confirmation statements to customers; and violated NFA Compliance Rule 2-9(a) by failing to supervise.
The complete text of the Complaint and Decision can be viewed on NFA's website.