FX Club and ex-CEO Tatarnikov fined $300,000 by the NFA

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Complaint included "trued up" customer balances, failure to supervise...

Forex Club logoThe U.S. self-regulatory agency for the Futures and Forex industries, the NFA (National Futures Association), has fined FX Club and its ex (as of March 2012) CEO Peter Tatarnikov $300,000 for a series of violations alleged in an October 25 complaint. The fine was part of a settlement between the NFA and FX Club / Tatarnikov. As part of the settlement, FX Club and Tatarnikov neither admitted nor denied the charges.

To see the original NFA complaint click here, and for the NFA's decision and fine implementation click here. To summarize, the complaint included:

  • failing to maintain adequate books and records
  • failing to maintain an adequate anti-money laundering program
  • failing to report trade data in a timely fashion
  • failing to comply with NFA's Enhanced Supervisory Requirements, and
  • failing to supervise.

FX Club effectively exited the retail FX business in the US (as well as several other countries including Australia and Canada) in September, announcing that it had arranged to transfer the custody and clearing of all accounts in those countries to FXCM.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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Guest Thursday, 24 April 2014

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