CFTC to repeal registration of Introducing Broker iFinix Futures

The regulatory action comes as the company failed to maintain adequate capital and tried to cover it up

New York based independent introducing brokerage iFinix Futures is in trouble after the latest press release by the US CFTC details that the regulator is looking to suspend the firm’s license. The company has already been fined for providing fake bank documents to the National Futures Association (NFA) to attempt to conceal iFinix’s failure to maintain adequate capital.

The notice issued by the CFTC states that the company is subjected to disqualification from registration in accordance to the abovementioned offence. The firm’s senior executive officer Benhope Marlon Munroe has made false statements to the NFA. A permanent injunction order has been issued by the District Court of New York forbidding the company to make false, fictitious or fraudulent statements or claims and requires iFinix and Munroe to pay almost $1.3 million for civil monetary penalty.

For the full press release visit CFTC’s website.

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