National Futures Association Filed Complaints against Member Companies

NFA i.e. National Futures Association had published six different complaints, which it issued in opposition to its member companies. NFA authorities have filed these complains on 30^th of June but became public later on public just within few days before. The complaints were in opposition to Belvedere Asset Management, Global Futures Exchange and Trading Co, Aspirant Management, Quick Trade Futures, Barbashop and IFG Markets, along with owners of all of these mentioned companies. 

Forex News revealed issuing of complaints from the respective association has become common for member companies. This is because; the organization complains against small firms, which failed to maintain the minimum capital requirement or fail to apply essential supervisory procedures in the correct manner. Particularly, organizations failed to follow the procedure related to anti-money laundering and know your customer have become the primary targets of the organization. 

FX resources recently highlighted that two firms, who have received complaints were engaged in foreign exchange business activities, like IFG Markets and Global Futures. Global Futures Company has it’s headquarter in Tarzana of California and is known as the biggest independent as well as introducing broker of United States. Until now, the company has obtained expertise in the delivery of services for trading with different types of assets, like Forex, options and futures. 

NFA reported, “Global Futures, and its President, Kattayoun Hakimian, were found to be maintaining inaccurate accounting books regarding its net capital computations, as well as failing to adopt and implement adequate anti-money laundering program, and using deficient promotional material.” Forex Magnates