In 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...
The National Futures Association fined a Florida forex trader $250,000 Friday for anti-money laundering compliance failures, the largest such monetary penalty handed down by the self-regulatory organization.
The U.S. Treasury Department's financial intelligence unit and the Commodity Futures Trading Commission will share data in an effort to better enforce the Bank Secrecy Act among futures commission merchants.
The National Futures Association Thursday accepted a broker's withdrawal from membership for two years and the closure of his companies for life to settle two complaints it had filed against Stuart A. Mehler and his companies.
A crackdown by the futures industry's self-regulatory organization this year has resulted in a record number of enforcement actions against companies operating in the multi-trillion dollar risk-laden industry.