An email announcement of the decision in the NFA vs. Gain Capital released today.
It looks like a continuation of the NFA's more robust enforcement actions as of late.
QuoteDislikedMay 17, Chicago - National Futures Association has levied a $100,000 fine against GAIN Capital Group (GCG) , LLC, a futures commission merchant and a forex dealer Member of NFA located in New Jersey. The Decision, issued by NFA's Hearing Panel on April 27, resulted from a three-count NFA Complaint filed in December 2006, alleging that GCG used deficient promotional materials, failed to notify NFA regarding its commencement of forex business and failed to conform aspects of its anti-money laundering program to NFA Compliance Rule 2-9(c). The count alleging Gain's failure to notify NFA was dismissed and the Decision only affected the remaining two counts.
GAIN has thirty days in which to pay the fine, which is part of the settlement offer to which GCG agreed, without admitting to or denying the charges. The full text of the Decision and Complaint can be found on NFA's Web site (www.nfa.futures.org).