2009-07-27: Forex Magnates Daily Updates

http://www.fxopen.com/News.aspx?Id=bc240923-03c3-4fab-835b-b34b28fa332f A thread about FXCM’s OCO order and its MT4 by Boston http://www.informedtrades.com/498999-fxcm-bring-oco-orders.html On July 23, 2009, NFA issued a

http://www.fxopen.com/News.aspx?Id=bc240923-03c3-4fab-835b-b34b28fa332f
A thread about FXCM’s OCO order and its MT4 by Boston
http://www.informedtrades.com/498999-fxcm-bring-oco-orders.html

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On July 23, 2009, NFA issued a Member Responsibility Action (“MRA”) against RCM and an Associate Responsibility Action against Hamilton whereby:
1. RCM and Hamilton are prohibited from soliciting or accepting any customer or pool participants’ funds;
2. RCM and Hamilton are prohibited from placing trades or transactions on behalf of any customers or pools, except for liquidation purposes;
3. RCM and Hamilton are prohibited from disbursing or transferring any funds from any accounts (bank, trading, or any other types of accounts) in the name of RCM or any pools operated by RCM, including but not limited to, the Raleigh Fund, L.P. (the “Fund”) without prior approval from NFA; and
4. RCM and Hamilton are required to provide copies of this MRA via overnight courier to the following: (i) all pool participants in any pools that RCM or Hamilton operates or over which they exercise control; (ii) all banks and other financial institutions with which money is on deposit in the name of RCM; and (iii) any pool that RCM or Hamilton operates or over which they exercise control.
This action is effective immediately and is deemed necessary to protect the commodity futures markets, customers, or other NFA Members or Associates because Hamilton has provided information to NFA regarding his ability to honor redemption requests from participants in the Fund that contradicts the information provided by participants in the Fund. Additionally, Hamilton took money from the Fund, which he has characterized as loans, although there are no loan documents and, for almost a year now, he has failed to pay interest on these purported loans. This is contrary to RCM’s representation to the Fund’s participants that Hamilton was paying interest. Moreover, at least a portion of these purported loans appears to have been used for purposes inconsistent with the Fund’s private placement memorandum.
It also appears that RCM and Hamilton have acted in a manner that is contrary to the interests of the Fund and its participants by purchasing property from Hamilton that included the assumption of mortgages on these properties without providing participants with a full disclosure of the transactions, including certain conflicts of interest posed by Hamilton’s self-dealing. Additionally, RCM has failed to properly disclose or record investments by the Fund in a venture in which at least one owner is Hamilton’s relative, and failed to properly disclose another investment in a venture with these same persons.
The MRA will remain in effect until such time as RCM and Hamilton have demonstrated to the satisfaction of NFA that they are in complete compliance with all NFA requirements.
http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0191172&case=09MRA00006&contrib=NFA
Investors sue to get $5M back from Twin Cities entities
http://www.startribune.com/business/51630292.html?elr=KArks7PYDiaK7DUoaK7D_V_eDc87DUiD3aPc:_Yyc:aU7DYaGEP7vDEh7P:DiUs
Investigating CMC Markets Plc
http://www.trade2win.com/boards/brokerages/69214-investigating-cmc-markets-plc.html
National Futures Association (NFA) has revoked the registrations of SG Commodities LLC (SG Commodities) and its principal, James S. Gossett. SG Commodities is a Commodity Trading Advisor (CTA) located in Plano, Texas.
http://www.nfa.futures.org/news/newsRel.asp?ArticleID=2324
National Futures Association (NFA) has announced today that it has taken an emergency enforcement action against Raleigh Capital Management, Inc. (RCM) and its principal, Richmond H. Hamilton, Jr.
http://www.nfa.futures.org/news/newsRel.asp?ArticleID=2322
National Futures Association (NFA) has permanently barred Foreign Trade Bank Securities, Inc. (Foreign Trade Bank) from NFA membership. Foreign Trade Bank was a Commodity Pool Operator and Commodity Trading Advisor located in Fallbrook, California. William B. Wassink, Foreign Trade Bank’s principal and sole associated person (AP), is also barred from NFA, and from acting as a principal, for a period of three years. In the event that Wassink reapplies for NFA membership, he must pay a fine of $5,000. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in March 2009 and a settlement offer submitted by Foreign Trade Bank and Wassink.
http://www.nfa.futures.org/news/newsRel.asp?ArticleID=2323
Beta2 Ltd Boiler Room Scam?
http://www.trade2win.com/boards/brokerages/69312-beta2-ltd-boiler-room-scam.html
On Tuesday 21 July 2009, IG Group Holdings plc, a world leader in financial spread betting and online derivatives trading, announced its preliminary results for the year ended 31 May 2009. Against a backdrop of chaos in financial markets worldwide, the Group posted good levels of growth in revenue and earnings per share.
http://www.prweb.com/releases/2009/07/prweb2676404.htm
In a beachfront community where New Age boomers sip yerba mate while taking courses in how to attract money into their lives, Beau Diamond grew up like a young prince from a royal family.
http://www.heraldtribune.com/article/20090726/ARTICLE/907261028/2055/NEWS?Title=Sarasota-investment-company-under-investigation
A new version of FapTurbo Evolution has been released!  This was extremely welcome news for us here at the Trading Gurus because backtesting the robot was proving to be something of a nightmare.  According to the email we received announcing the new version it has:
Optimized Java code, making FapTurbo Evolution 20 times faster!!!
http://trading-gurus.com/the-fapturbo-evolution-backtesting-blues-track-1/
Local foreign exchange (forex) trading services provider, LatitudeFX Limited, has partnered with global forex giant GAIN Capital to launch GAIN’s award-winning forex trading platform in New Zealand and Australia.
http://www.voxy.co.nz/business/latitudefx-limited-and-gain-capital-launch-award-winning-forex-trading-platform/5/19190
LONDON, June 27 (Reuters) – Bank of America (BAC.N), Credit Suisse (CS.N) and Morgan Stanley (MS.N) will join a group of banks supporting a joint venture between foreign exchange settlement provider CLS Group and interdealer broker ICAP plc (IAP.L) to reduce risks in processing, the firms said on Monday.
The joint venture, where ICAP company Traiana will provide technology, was set up in April to reduce risk and cost in pre-settlement processing for global currency markets.
The three banks join a founder group consisting of Citigroup (C.N), Deutsche Bank (DBKGn.DE) (DB.N), J.P. Morgan (JPM.N) and Royal Bank of Scotland (RBS.L). (Reporting by Tamawa Desai)
http://www.reuters.com/article/usDollarRpt/idUSLO16997220090726
  • FXOpen automates the MT4 ECN account registration, publishes detailed overview of the software
  • A thread about FXCM’s OCO order and its MT4 by Boston and how the NFA’s FIFO requirements are met
  • Investors sue to get $5M back from Twin Cities entities. Nine Ohio investors filed suit in Minneapolis July 7 seeking to recover nearly $5 million they invested in a currency arbitrage program. So far, attorney John Harper III said he’s only been able to find about $1.2 million in several bank accounts that were subject to two emergency asset freezes imposed in the case.
  • Beta2 Ltd Boiler Room Scam?
  • On Tuesday 21 July 2009, IG Group Holdings plc, a world leader in financial spread betting and online derivatives trading, announced its preliminary results for the year ended 31 May 2009. Against a backdrop of chaos in financial markets worldwide, the Group posted good levels of growth in revenue and earnings per share.
  • Jim from Trading Gurus keeps testing the new FAP Turbo. According to the email he received announcing the new version it has: Optimized Java code, making FapTurbo Evolution 20 times faster!!!
  • LatitudeFX Limited, has partnered with global forex giant GAIN Capital to launch GAIN’s forex trading platform in New Zealand and Australia.
  • Bank of America, Credit Suisse and Morgan Stanley will join a group of banks supporting a joint venture between foreign exchange settlement provider CLS Group and interdealer broker ICAP plc to reduce risks in processing, the firms said on Monday. The joint venture, where ICAP company Traiana will provide technology, was set up in April to reduce risk and cost in pre-settlement processing for global currency markets. The three banks join a founder group consisting of Citigroup, Deutsche Bank, J.P. Morgan and Royal Bank of Scotland.

NFA Rage:

  • National Futures Association has revoked the registrations of SG Commodities LLC (SG Commodities) and its principal, James S. Gossett. SG Commodities is a Commodity Trading Advisor (CTA) located in Plano, Texas.
  • National Futures Association has announced today that it has taken an emergency enforcement action against Raleigh Capital Management, Inc. (RCM) and its principal, Richmond H. Hamilton, Jr. This action is effective immediately and is deemed necessary to protect the commodity futures markets, customers, or other NFA Members or Associates because Hamilton has provided information to NFA regarding his ability to honor redemption requests from participants in the Fund that contradicts the information provided by participants in the Fund. Additionally, Hamilton took money from the Fund, which he has characterized as loans, although there are no loan documents and, for almost a year now, he has failed to pay interest on these purported loans. This is contrary to RCM’s representation to the Fund’s participants that Hamilton was paying interest. Moreover, at least a portion of these purported loans appears to have been used for purposes inconsistent with the Fund’s private placement memorandum.
  • National Futures Association has permanently barred Foreign Trade Bank Securities, Inc. (Foreign Trade Bank) from NFA membership. Foreign Trade Bank was a Commodity Pool Operator and Commodity Trading Advisor located in Fallbrook, California. William B. Wassink, Foreign Trade Bank’s principal and sole associated person (AP), is also barred from NFA, and from acting as a principal, for a period of three years. In the event that Wassink reapplies for NFA membership, he must pay a fine of $5,000. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in March 2009 and a settlement offer submitted by Foreign Trade Bank and Wassink.
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