2009-07-02: Forex Magnates Daily Updates
- NFA takes emergency enforcement action against Texas firm, Strongbow Investments GP LLC. The Member Responsibility Action (MRA) is deemed necessary because Strongbow has commingled the assets of the pool it operates with the firm's assets and the assets of owner and principal, Patrick Dailey. Additionally, Strongbow and Dailey may have acted in a manner contrary to the interests of their customers by making unsecured loans to Dailey from the assets of both the firm and the pool for Dailey's personal use without providing full disclosure to the customers. NFA is unable to determine the financial condition of the firm, the pool and the pool's participants because NFA has not received all of the requested financial information from Strongbow. https://www.nfa.futures.org/news/newsRel.asp?ArticleID=2300
- On March 16, 2009, NFA issued a Complaint charging SNC with failing to cooperate with NFA.
DECISION: On June 24, 2009, SNC was permanently barred from NFA membership and ordered to never again reapply for NFA membership, in any capacity, or act as a principal of an NFA Member firm. https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0328909&case=09BCC00005&contrib=NFA
- On June 25, 2009, NFA issued a Member Responsibility Action ("MRA") against Strongbow Investments GP LLC ("Strongbow") whereby:
1. Strongbow is prohibited from soliciting or accepting any customer or pool participants’ funds or any funds for investment in the Firm;
2. Strongbow is prohibited from placing trades on behalf of any customers or pools, except for liquidation purposes;
3. Strongbow is prohibited from disbursing or transferring any funds from any accounts (bank, trading, or any other types of accounts) in the name of Strongbow, any pools operated by Strongbow, including but not limited to, Strongbow Investments Fund II LP (“Fund II”) and Strongbow Investments Fund III LP (“Fund III”), or in the name of any customers of Strongbow without prior approval from NFA; read more here: https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0376940&case=09MRA00005&contrib=NFA
- On June 26, 2009, a Subcommittee of NFA's Membership Committee issued a Final Order Granting Conditional Registration to Mary W. Hughes. The Subcommittee accepted Hughes's Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term offer and and ordered that her AP registration be granted subject to conditions. To view the Final Order, go to Case Documents. To obtain a copy, contact NFA's Information Center. https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0378586&case=09REG00007&contrib=NFA
- On June 26, 2009, a Subcommittee of NFA's Membership Committee issued a Final Order Granting Conditional Registration to Scott M. Henderson. The Subcommittee accepted Henderson's settlement offer and ordered that his AP registration be granted subject to conditions for a period of two years. To view the Final Order, go to Case Documents. To obtain a copy, contact NFA's Information Center. https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0399720&case=09REG00008&contrib=NFA
- NFA takes emergency enforcement action against Texas firm, Strongbow Investments GP LLC. The Member Responsibility Action (MRA) is deemed necessary because Strongbow has commingled the assets of the pool it operates with the firm's assets and the assets of owner and principal, Patrick Dailey. Additionally, Strongbow and Dailey may have acted in a manner contrary to the interests of their customers by making unsecured loans to Dailey from the assets of both the firm and the pool for Dailey's personal use without providing full disclosure to the customers. NFA is unable to determine the financial condition of the firm, the pool and the pool's participants because NFA has not received all of the requested financial information from Strongbow. https://www.nfa.futures.org/news/newsRel.asp?ArticleID=2300
- On March 16, 2009, NFA issued a Complaint charging SNC with failing to cooperate with NFA.
DECISION: On June 24, 2009, SNC was permanently barred from NFA membership and ordered to never again reapply for NFA membership, in any capacity, or act as a principal of an NFA Member firm. https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0328909&case=09BCC00005&contrib=NFA
- On June 25, 2009, NFA issued a Member Responsibility Action ("MRA") against Strongbow Investments GP LLC ("Strongbow") whereby:
1. Strongbow is prohibited from soliciting or accepting any customer or pool participants’ funds or any funds for investment in the Firm;
2. Strongbow is prohibited from placing trades on behalf of any customers or pools, except for liquidation purposes;
3. Strongbow is prohibited from disbursing or transferring any funds from any accounts (bank, trading, or any other types of accounts) in the name of Strongbow, any pools operated by Strongbow, including but not limited to, Strongbow Investments Fund II LP (“Fund II”) and Strongbow Investments Fund III LP (“Fund III”), or in the name of any customers of Strongbow without prior approval from NFA; read more here: https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0376940&case=09MRA00005&contrib=NFA
- On June 26, 2009, a Subcommittee of NFA's Membership Committee issued a Final Order Granting Conditional Registration to Mary W. Hughes. The Subcommittee accepted Hughes's Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term offer and and ordered that her AP registration be granted subject to conditions. To view the Final Order, go to Case Documents. To obtain a copy, contact NFA's Information Center. https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0378586&case=09REG00007&contrib=NFA
- On June 26, 2009, a Subcommittee of NFA's Membership Committee issued a Final Order Granting Conditional Registration to Scott M. Henderson. The Subcommittee accepted Henderson's settlement offer and ordered that his AP registration be granted subject to conditions for a period of two years. To view the Final Order, go to Case Documents. To obtain a copy, contact NFA's Information Center. https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0399720&case=09REG00008&contrib=NFA