IBFX Fined By The NFA Today -- No Surprise | Forex Factory

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IBFX Fined By The NFA Today -- No Surprise

  • #1
  • First Post: Jul 30, 2009 10:47am Jul 30, 2009 10:47am
Just an FYI -- I don't think anyone here is surprised by this...


For Immediate Release
For More Information Contact:
Larry Dyekman (312) 781-1372, [email protected]
Karen Wuertz (312) 781-1335, [email protected]


NFA fines Utah forex dealer member, Interbank FX LLC and its principal $225,000

July 30, Chicago - National Futures Association (NFA) has ordered Interbank FX LLC (Interbank) and its principal, Todd Crosland to jointly pay a fine of $225,000. Interbank is a Futures Commission Merchant and Forex Dealer Member of NFA, located in Salt Lake City, Utah. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in July 2009 and settlement offers submitted by Interbank, Crosland and Amanda Albretsen, also a principal and former compliance director of Interbank.
The Committee found that Interbank, Crosland and Albretsen failed to implement its anti-money laundering (AML) program and failed to adequately supervise its electronic trading system. Additionally, the Committee found that Interbank, Crosland and Albretsen failed to adequately supervise the solicitation of non-Member solicitors who used deficient promotional material. The Committee also found that Crosland failed to supervise Interbank's activities.



Interbank and Crosland must also submit to NFA within 180 days a final independent review of its electronic trading platforms conducted by an outside party to ensure that Interbank's electronic trading platforms are in compliance with NFA requirements. The charges against Albretsen will remain open for one-year and will be dismissed if Albretsen is not charged by NFA for failure to supervise during the one-year period.
The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org)
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
  • #2
  • Jul 30, 2009 10:55am Jul 30, 2009 10:55am
Why would anyone open an account with these "people"? Last year they exposed clients INFO to the web(they said it was a "junior" employee). The only positive thing I could say in their behalf - quick withdrawals- thats it! I wonder how Marilyn is taking this ? One of the more unreliable US Brokers(my opinion). I give this company till the end of this year and there history-GOOD BYE!
FF = Forex Faggots
  • #3
  • Jul 30, 2009 11:33am Jul 30, 2009 11:33am
Quoting 8fingers
Why would anyone open an account with these "people"? Last year they exposed clients INFO to the web(they said it was a "junior" employee). The only positive thing I could say in their behalf - quick withdrawals- thats it! I wonder how Marilyn is taking this ? One of the more unreliable US Brokers(my opinion). I give this company till the end of this year and there history-GOOD BYE!

these broker advertise boldly n smugly on their website. we're regulated by who n who. in the end, they cut corners n don't follow the rules. serve them right.
  • #4
  • Jul 30, 2009 12:34pm Jul 30, 2009 12:34pm
Hi, my name is Abigail (new here) and I'm an employee of Interbank FX. I wanted you to be aware of our official statement regarding the NFA's complaint. See below:

INTRODUCTION

Interbank FX is dedicated to excellence in meeting our compliance responsibilities. As a company we are continually reviewing and improving our compliance policies, procedures and safeguards for the benefit of our current and prospective customers. Moreover, in 2008 Interbank FX recruited, directly from NFA, a new Compliance Director and Compliance Manager. Interbank FX believes that we lead the industry now in our compliance with applicable regulatory duties and specifically would like to address the complaint recently issued by the NFA. The allegations contained therein pre-dated the hiring of Interbank’s new compliance team leaders and significant changes in nearly every aspect of our compliance policies.

Neither admitting nor denying any of the allegations in NFA’s complaint, Interbank FX has addressed any and all concerns contained therein and has settled the matter with the NFA. Specifically, Interbank FX would like to address the following three items contained within NFA’s complaint:

1. Non-Member Solicitor Supervision:

BACKGROUND
During the period referenced in the NFA’s complaint, Interbank FX maintained procedures to review all third party solicitor promotional material and to correct deficiencies in the materials. Among other things, NFA alleged in the complaint that Interbank FX failed to ensure that one of its non-NFA member solicitors, Global Profit Systems International (“Global”), had appropriate promotional material.

WHAT WE DID
· In November, 2007, Interbank FX terminated its relationship with Global when it failed to bring its promotional material into compliance.
· Interbank FX’s compliance policies and procedures have since been strengthened in regards to the stringency with which we review solicitors’ promotional material and post-review enforcement of our recommendations.
· Interbank FX adopted a policy in December 2007, to refuse to do business with U.S. solicitors unless they are members of the NFA.

GOING FORWARD
Interbank FX does business with only those U.S. solicitors who are members of the NFA and strives to efficiently enforce strict promotional material compliance standards for all U.S. and foreign solicitors.


2. Anti-Money Laundering Program

BACKGROUND
Among other things, NFA alleged in the complaint that Interbank FX failed to file Suspicious Activity Reports (“SAR”) in response to “red flags” from a non-NFA member, Solicitor A.

WHAT WE DID
· Interbank FX terminated Solicitor A in December 2007, when it became aware that Solicitor A had misled the company with regard to websites he operated.

· Interbank FX filed a SAR-SF report with FinCEN when it became apparent to Interbank FX that such a report was necessary.

· Interbank FX currently refuses to do business with U.S. solicitors unless they are members of the NFA.

GOING FORWARD
Interbank FX, neither admitting nor denying any of the allegations in the complaint, has since developed a more robust and rigorous AML program and strives to be a leader in AML compliance.

3. Interbank FX Trading System

BACKGROUND
NFA’s complaint alleged that Interbank FX experienced multiple instances during which customers may have been prevented or limited from accessing the trading system. Additionally, NFA alleged that Interbank FX failed to properly notify customers of these instances.

WHAT WE DID
· During the period in question, Interbank FX had limited methods of communicating system interruptions to customers. However, since then, Interbank FX has developed and employed a new system of notification by which customers are notified promptly and effectively of all system interruptions which could potentially affect their trading.

· Almost all of the “incidences” referred to in the NFA’s complaint were incidences involving required daily maintenance. Since September 11, 2008, this daily maintenance is now consolidated into a fully disclosed customer maintenance window consistent with financial industry standards. Even considering these daily maintenances, system-up time during the period referenced in the complaint exceeded 99.9%.

· Additionally, in 2009, Interbank FX has continued to demonstrate its trading system efficiency and has experienced 99.99% server up-time (outside of the maintenance window).

GOING FORWARD
Interbank FX, neither admitting nor denying any of the allegations in the complaint, has addressed and enhanced its procedures to ensure optimal performance in managing our electronic trading systems.

CONCLUSION

Interbank FX is committed to being a leader in our industry for excellence in compliance matters. As we move forward from the unfortunate events which led to the NFA’s complaint, we thank the NFA for helping to promote a healthy trading environment for our customers and the industry as a whole. We look forward to continuing our growth as your FOREX Dealer Member consistent with our obligations to you under NFA rules and the even more rigorous standards we have set for ourselves.
  • #5
  • Jul 30, 2009 3:22pm Jul 30, 2009 3:22pm
Hey 8fingers and winningfx... Marilyn is off today enjoying her birthday (I guess I am checking my email just a little bit..)..

I will respond tomorrow.. I get that you guys have a perception of us.. however I truly like what I do and the people that I work with. I don't think that anyone deserves terrible things.. but perhaps that is just me.

Have a great day and I will chat with you tomorrow.

Marilyn
  • #6
  • Jul 30, 2009 3:49pm Jul 30, 2009 3:49pm
I dont really wish anyone to ever lose their job,especially now,but my 1 year at your company left me wondering :are there any decent Forex Brokers-ANYWHERE? I won't drone on about specifics but my experience at IBFX was not good. I will admit that our "great" NFA rolls out fines like breathing air(maybe thats how they actually pay themselves?) and their motives are suspect to say the least. My beef has nothing to do with those fines(NFA actions). Strictly price feed errors/freezes/spikes and the like are what pissed me off. IBFX does have good points(to be fair) Nano lots for training are 1 example. Any way, I still believe that if those things dont improve(I left june 08) your company will suffer as more and more clients bail. I do hope I am proved wrong though.
FF = Forex Faggots
  • #7
  • Edited 4:16pm Jul 30, 2009 4:05pm | Edited 4:16pm
Quoting Marilyn
Hey 8fingers and winningfx... Marilyn is off today enjoying her birthday (I guess I am checking my email just a little bit..)..

I will respond tomorrow.. I get that you guys have a perception of us.. however I truly like what I do and the people that I work with. I don't think that anyone deserves terrible things.. but perhaps that is just me.

Have a great day and I will chat with you tomorrow.

Marilyn

well, it's nothing personal or anything 2 do with your company. it's the perception of all fx marketmakers .

if it's other mm who got fined. i'll still write the same things. my point is, serve u right 4 breaking the rules. just my opinion on what happened between nfa n your company.

also, u must understand. people here r not pissed with u or the people u work with!!! it's the practices of ibfx n other mms.

well, u can start with the post by 8fingers above mine. if u want 2 set the record straight. do a search on ff. c what traders write about your company. thanks
  • #8
  • Jul 30, 2009 10:45pm Jul 30, 2009 10:45pm
They have any always will be the biggest scumbags on the retail fx scene.
No dealing desk? Yeh right, and I'm Tom Cruise.

Anyone who works for interbankfx as a dealer or higher deserves to be bent over a stone and lashed for being so filthy at business. I've worked for an MM before, and theres no need to be so blatantly dirty.

Especially with spread manipulation.

Getting fined for not following anti money laundering laws is reason enough for someone to set fire to your building whilst you are all in it.

Have fun.. And I hope you lose your better clients because of it.
  • #9
  • Jul 30, 2009 10:51pm Jul 30, 2009 10:51pm
Quoting Takisd
They have any always will be the biggest scumbags on the retail fx scene.
No dealing desk? Yeh right, and I'm Tom Cruise.

Anyone who works for interbankfx as a dealer or higher deserves to be bent over a stone and lashed for being so filthy at business. I've worked for an MM before, and theres no need to be so blatantly dirty.

Especially with spread manipulation.

Getting fined for not following anti money laundering laws is reason enough for someone to set fire to your building whilst you are all in it.

Have fun.. And I hope you lose your...
i had a friend who trade with a broker and a lost all his money and the first thing he did was blame his broker, thats one thing i learn in this business when i first got started, looser's will always blame somebody, did you get scam, if so what happen?
  • #10
  • Edited 11:24pm Jul 30, 2009 11:08pm | Edited 11:24pm
Quoting traderfx
i had a friend who trade with a broker and a lost all his money and the first thing he did was blame his broker, thats one thing i learn in this business when i first got started, looser's will always blame somebody, did you get scam, if so what happen?

lol, you fall for that “broker spared propaganda” guarantee you 95% of the complaints and and were accurately accusations. The brokers try to stamp accusations out with calling them “inexperienced/poor-looser” it’s an old retail broker trick and works good for convincing Gullible greenhorns
  • #11
  • Jul 30, 2009 11:08pm Jul 30, 2009 11:08pm
No other broker stirs as many emotions and opposition on a forum as IBFX. I keep saying this but they used to be a great broker until 2005-2006. Since then they have been driven only by greed. They took a path where they destroyed all the goodwill they had built with their clients. And we all know that goodwill is mighty hard to restore especially if like IBFX you have not changed your ways one little bit. Wide spreads not only at news but at any time of the day even in quiet markets, requotes, offquotes, stop hunting, spikes, silly games at support/resistance points, trading against their clients. If such is their business model and it works, then good luck to them.
  • #12
  • Jul 30, 2009 11:11pm Jul 30, 2009 11:11pm
Yea right-everyone that disagrees with u are loser traders(and humans too-lol)

They are the ONLY Broker I ever had to throw a 300 pip mystery spike on their charts ( I left after witnessing a 52 pip spike-minor in terms of this Brokers usual) not to mention spreads that even Satan would cringe over. I am sure your lips are firmly planted on Todd C's rearend. Does it taste good?LOL. I still laugh hard every time I see their 20 dollar "fee" for the right to deposit with CC.I will never get over that one.
FF = Forex Faggots
  • #13
  • Jul 30, 2009 11:14pm Jul 30, 2009 11:14pm
Quoting traderfx
i had a friend who trade with a broker and a lost all his money and the first thing he did was blame his broker, thats one thing i learn in this business when i first got started, looser's will always blame somebody, did you get scam, if so what happen?
I think that you have much more to learn. Don't fall for this broker trick that all losers blame their brokers.

Anyway, I'd be surprised if you started with 5k and turned it into 400k like you claim above.
  • #14
  • Jul 31, 2009 2:23am Jul 31, 2009 2:23am
Quoting Tom_C
lol, you fall for that “broker spared propaganda” guarantee you 95% of the complaints and and were accurately accusations. The brokers try to stamp accusations out with calling them “inexperienced/poor-looser” it’s an old retail broker trick and works good for convincing Gullible greenhorns
no i fall for what im seeing from you guys. i notice there are a few traders or claim to be traders who only post in the broker section, this guy spend more time bashing brokers then trading any way il leave the to you guys.
  • #15
  • Jul 31, 2009 2:24am Jul 31, 2009 2:24am
Quoting PipStar
I think that you have much more to learn. Don't fall for this broker trick that all losers blame their brokers.

Anyway, I'd be surprised if you started with 5k and turned it into 400k like you claim above.
i guess your part of the 95% group
  • #16
  • Edited 2:53am Jul 31, 2009 2:42am | Edited 2:53am
Quoting 8fingers
Yea right-everyone that disagrees with u are loser traders(and humans too-lol)

They are the ONLY Broker I ever had to throw a 300 pip mystery spike on their charts ( I left after witnessing a 52 pip spike-minor in terms of this Brokers usual) not to mention spreads that even Satan would cringe over. I am sure your lips are firmly planted on Todd C's rearend. Does it taste good?LOL. I still laugh hard every time I see their 20 dollar "fee" for the right to deposit with CC.I will never get over that one.
no i don't think everyone who disagree with me is loser, i just can't see how you bashing a broker after leaving a broker 1-5 years ago benefit you, it like a woman scorn by an ex-boyfriend and now she wants revenge, if you move on and your making money why look back, how does it benefit you going back and wasting your time posting on a forum about an ex boyfriend i mean broker.
  • #17
  • Jul 31, 2009 5:37am Jul 31, 2009 5:37am
Quoting traderfx
i guess your part of the 95% group
Don't spend any more time here, you are not a real trader. Go and enjoy that 400k you made trading a demo account
  • #18
  • Jul 31, 2009 5:38am Jul 31, 2009 5:38am
Quoting PipStar
Don't lose any more time here, you are not a real trader. Go and enjoy that 400k you made trading a demo account
ok thank you i will.
  • #19
  • Jul 31, 2009 6:35am Jul 31, 2009 6:35am
I think NFA'S charges against IBFX seem lame. It appears to me their trying to make it tough and eliminate all US brokers with their new rules (FIFO, and leverage limitation proposal) which really do nothing but hinder the average trader. I've been trading live succesfully with IBFX for several months with an expert advisor and have no complaints. As for the complaint of price spikes, I have a friend who experienced one of them and IBFX made it right without any argument.
  • #20
  • Jul 31, 2009 7:58am Jul 31, 2009 7:58am
Quoting traderfx
no i don't think everyone who disagree with me is loser, i just can't see how you bashing a broker after leaving a broker 1-5 years ago benefit you, it like a woman scorn by an ex-boyfriend and now she wants revenge, if you move on and your making money why look back, how does it benefit you going back and wasting your time posting on a forum about an ex boyfriend i mean broker.
I love the comparison you make-lol! I guess EVERYONE who posts anything negative about a Broker is just a sore loser? I suppose we both have too much "free" time?
FF = Forex Faggots
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