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NFA Bans Brokerage Firms in Florida and Oregon for AML Deficiencies, Misleading Tactics
printIn its first reprimand of the year, the National Futures Association (NFA) on Thursday permanently banned two brokerage firms from reapplying for NFA membership and forbade their president, Robert Flickinger, from leading any other NFA-member company. The futures industry self-regulatory organization expelled Mercer Capital Inc. (MCI), a broker-dealer in Portland, Ore., for using "high-pressure sales techniques" and "misleading statements" to snare investors and broker-dealer Mercer Capital Management (MCM) in Boca Raton, Fla., for failing to keep proper financial records and failing to "initiate an adequate anti-money laundering program," according to a report in Moneylaundering.com. Flickinger, who became the president of...
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