Proposed NFA Capital Requirement

Quoting osaze

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I Would Like To Know If Northfinance Is Registered With Nfa.........

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Quoting osaze

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I Would Like To Know If Northfinance Is Registered With Nfa.........

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International Financial Services Commission,
New Administration Building,
Belmopan,
Belize, C.A.
4 August 2006
WARNING NOTICE
NORTH FINANCE COMPANY LTD
It is notified for general information that NORTH FINANCE COMPANY LTD is not licensed by any competent authority in Belize to engage in foreign exchange transactions, or to engage in any other international financial services.
All persons are asked to take note and exercise caution.

GIAN C. GANDHI
DIRECTOR GENERAL
International Financial Services Commission

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With an announcement today, the SEC of Cyprus informed the investing public that North Finance Ltd:

-Has no License from the committee to provide investing services.

-Is not a bank registered in Cyprus, with a license from the Central Bank of Cyprus, permitting to provide investment or similar services.

-Is not established in Cyprus or provide services according to the Articles 24-30 of the law for Investment services companies."

Quoting Miguel

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ForexSavior could you provide any info on FXSOL please. Anything you have would be valuable. Thank you very much!

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Suit alleges Easy Forex rewards brokers for client losses
Easy Forex: The plaintiff is a client who lost heavily; we don't want to judge him harshly.
Globes correspondent 19 Nov 07 09:55

A lawsuit has been filed against online foreign currency brokerage Easy Forex by one of its customers, alleging that the company paid its brokers incentives when investors lost money and fined them if they made a profit.

Easy Forex said in response that the customer had lost heavily, and it did not want to judge him harshly. It added that as part of its compliance with international standards, it warns customers, both orally and in its literature, of the risks inherent in foreign currency trading.

"All the allegations will be clarified in court," it said.

The claim followed a report on Channel 10 in which an Easy Forex broker was heard saying, "I had this evil grin on my face one day, when a client lost $35,000 in a quarter of an hour. A guy gets wiped out - I get my commission. A guy comes up a winner and turns a profit - I pay."

Quoting forexsavior

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fxsol got itself some venture capital so it is decently capitalized and built for the long-term

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Quoting frank99

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Has IKON Global Markets (ikongm.com) met their minimum requirements for December? Or does anyone know where this company stands?




Thanks,

Frank

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On November 29, 2007, ANTC was permanently barred from NFA membership and from acting as a principal of an NFA Member. Varden was ordered to pay a $40,000 fine and Zummo and Roy were ordered to each pay a $20,000 fine. Varden and Zummo were each barred from acting as a principal of an NFA Member until May 11, 2009. If, after May 11, 2009, Varden or Zummo becomes a principal of an NFA Member, then during the time he is a principal of such Member, he will cause such Member to be subject to the enhanced supervisory requirements of NFA Compliance Rule 2-9. After a Member, of which Varden and/or Zummo is a principal, has been subject to the enhanced supervisory requirements of NFA Compliance Rule 2-9 for at least 18 months, then Varden and/or Zummo will be permitted to make an application with NFA's Waiver Committee for a waiver of the enhanced supervisory requirements with respect to such Member.

Quoting jamesanderson

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News on One World Capital - they're definitely going under...http://www.nfa.futures.org/basicnet/...12&contrib=NFA

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Quoting TC East

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Probably going under, not definitely. If they choose to operate outside of NFA membership, they're free to do so.

Again, the NFA is not all powerful; they can kick somebody out of their association, but they can't come out, raid the offices and lock the place up. They are not a government agency, and simply do not have that legal authority.

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Quoting Vensik

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Well I wouldn't go that far, they work closely with the court system, congress, law enforcement, and the bigger brokerages.

I've been there when they brought armed officers in to shut a place down and clean a place out.

Fortunately I was only visiting the place they were shutting down, I had already left for moral reasons. Wonder if there was a connection .

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One World is required to maintain adjusted net capital in an amount of at least $1 million. The firm's latest form 1-FR-FCM reported that, as of October 31, 2007, the firm's total current assets were $2,387,427, its total liabilities were $1,160,200 and that its excess net capital was $227,227.

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Beginning on or about November 2, 2007, NFA began receiving complaints from One World forex customers who told NFA that they were experiencing difficulty in withdrawing funds from their One World trading accounts. For example, one customer told NFA that he had e-mailed a withdrawal form to One World on October 21, 2007. One World did not confirm receipt of the form until October 29th, when it represented that the customer would receive the requested funds within 48 hours. The customer complained to NFA that the funds had still not been provided to him by November 4th. Another customer complained to NFA that he had recently requested a withdrawal from One World in late October but had not received his funds. Both customers subsequently represented to NFA on November 30, 2007 that they still had not received their requested withdrawals.

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During November, NFA made inquiry with Walsh regarding complaints from customers who reported that they were having difficulty withdrawing funds from One World. Walsh told NFA that he was investigating anti-money laundering concerns with regard to one of the customers and he failed to make any response to NFA's inquiry about a second customer's problems.

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NFA asked Walsh to provide it with information as to the amount of One World's liabilities to customers who traded on Metatrader. He responded that Metatrader was very unreliable because it double counted and included demo accounts so it was not accurate. At first Walsh said that he did not know the amount of customer balances on Metatrader, but he later told investigators that the Metatrader balance was probably hundreds of thousands of dollars. He added that he did not know for sure and could not stand by that number. He told NFA that he would wait until the margin equity report was finished before giving NFA any numbers. NFA requested Walsh to provide the margin equity report from Metatrader and Walsh represented that it would take an hour to obtain.

However, after an hour had passed, Walsh told NFA that he had been interrupted and that it would take another couple of hours for him to get the margin equity report. To date, neither Walsh nor anyone else acting on behalf of One World have provided the required margin equity report to NFA despite several requests for the information.

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Investigators were unable to gain entry to the firm's office at first and called Walsh in that regard. He told NFA that the Metatrader platform had crashed overnight and that he was working at home and dealing with a number of customer calls. When Walsh arrived later that day, NFA investigators requested him to provide support for the November activity in One World's Bank of America accounts and Walsh responded that he did not have online access to all of One World's accounts.

Quoting forexsavior

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The farce ends with the NFA's auditor standing outside One World's locked office last Friday morning, trying in vain to contact someone to let them in. But no one was around. Everyone at One World has abandoned ship. Here's hoping the customers will be able to make it to the lifeboats before this wreck settles to the bottom of the ocean. And so to John Walsh I sing you the love theme from Titanic...

"Heeeeeeeeeere, faaaaaaaaar, whereeeeeever you are..."

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