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Screenshot of a breaking news alert e-mail from Q2 2017
Complaint included “trued up” customer balances, failure to supervise…
The 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.
- 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.