2009-07-31: Forex Magnates Daily Updates – Forex scam, Kenya governmental Forex, NFA

The police section said Viet Tin, which had no employees and only one telephone number, issued usernames, passwords, and software

The police section said Viet Tin, which had no employees and only one telephone number, issued usernames, passwords, and software for online trading in forex, stocks, and gold, taking a minimum of US$5,000 from investors.
But despite trading for a long period and making profits, many investors did not receive them though losses were promptly deducted from the deposit.
http://www.saigon-gpdaily.com.vn/Law/2009/7/72896/

Join the Leading Industry Event!

Suggested articles

How to Generate Leads Outside of the Box?Go to article >>

Market Traders Institute, the world’s oldest and most trusted Forex educational institution and a emerging leader in forex charting technology, today announced that it has released the On Demand version of its popular charting package MTI 4.0 OnDemand powered by MTI FX Advisor.
http://www.prweb.com/releases/forex-charting/forex-charting-software/prweb2695514.htm
Governmental Online Forex? Why not: Citi Bank Kenya has launched a new trading platform aimed at allowing customers to trade online.
Speaking during the launch, Citi Bank Head of Treasury Sales Noah Meely said CITIFX Pulse will enable clients transact both foreign exchange and money market transactions at their own convenience.
http://www.capitalfm.co.ke/business/Local/CITI-eases-forex-dealings-2783.html
Notice of Intent to Deny Registration:
On October 28, 2008, NFA’s President issued a Notice of Intent to Deny Registration to Leo Petralia. The Notice of Intent alleges that Petralia is disqualified from registration under Section 8a(3)(E)(iii) and Section 8a(2)(G) of the Commodity Exchange Act. To view the Notice of Intent, go to Case Documents. To obtain a copy, contact NFA’s Information Center.
Response to Notice of Intent:
On November 17, 2008, Petralia filed a Response to the Notice of Intent and requested a hearing before NFA’s Membership Committee. To view the Response, go to Case Documents. To obtain a copy, contact NFA’s Information Center.
Final Order Denying Registration:
On July 30, 2009, NFA’s Membership Committee issued a Final Order denying Petralia’s registration after a hearing was held. The Committee found that Petralia failed to show by clear and convincing evidence that his registration would pose no substantial to the public.
http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0400033&case=08REG00022&contrib=NFA
NFA accepts offer from Tiger Financial Group, a futures firm located in Los Angeles, California, to permanently withdraw from NFA membership
July 30, Chicago – A National Futures Association (NFA) Hearing Panel has issued a Decision in which it accepted Tiger Financial Group’s (Tiger Financial) offer to permanently withdraw from NFA membership. Tiger Financial was an Introducing Broker located in Los Angeles, California. Brian Ozkan, the firm’s principal and chief executive officer, has been suspended from NFA membership for three years. NFA also imposed sanctions against several other Tiger Financial staff members (Eric M. Golub, Ramon Chalis, Ameet Andhari, Dustin S. Smith, James A. Spear, Darcus O. Young and Christopher Brueck).
The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in June 2008 and a settlement offer submitted by Tiger Financial, Ozkan, et al.
The Complaint alleged that Tiger Financial, along with Andhari, Chalis, Smith, Spear, Young and Brueck, made deceptive and misleading sales solicitations and that they also recommended trades that were not in the best interest of their customers. In addition, the Complaint alleged that Tiger Financial, Ozkan and Golub failed in their duty to diligently supervise Tiger’s business.
The complete text of the Complaint and Decision can be found on NFA’s website (www.nfa.futures.org)
http://www.nfa.futures.org/BasicNet/CaseDocument.aspx?seqnum=1633
http://www.nfa.futures.org/BasicNet/CaseDocument.aspx?seqnum=2016
  • Vietnamese Forex scam – Police have arrested Pham Ngoc Van, director of Viet Tin Consulting and Investment Company, for allegedly swindling clients by offering them international investment services. A police investigation section from the Ministry of Public Security said Wednesday that the man, 26, a resident of Ho Chi Minh City’s District 7, set up VFX Holdings Ltd. registered in Belize, a country in Central America, and set up Viet Tin as its partner in Vietnam. The police section said Viet Tin, which had no employees and only one telephone number, issued usernames, passwords, and software for online trading in forex, stocks, and gold, taking a minimum of US$5,000 from investors. But despite trading for a long period and making profits, many investors did not receive them though losses were promptly deducted from the deposit.
  • Market Traders Institute today announced that it has released the On Demand version of its popular charting package MTI 4.0 OnDemand powered by MTI FX Advisor.
  • Governmental Online Forex? Why not: Citi Bank Kenya has launched a new trading platform aimed at allowing customers to trade online. Speaking during the launch, Citi Bank Head of Treasury Sales Noah Meely said CITIFX Pulse will enable clients transact both foreign exchange and money market transactions at their own convenience.

NFA Rage:

  • On October 28, 2008, NFA’s President issued a Notice of Intent to Deny Registration to Leo Petralia. The Notice of Intent alleges that Petralia is disqualified from registration under Section 8a(3)(E)(iii) and Section 8a(2)(G) of the Commodity Exchange Act. Final Order Denying Registration: On July 30, 2009, NFA’s Membership Committee issued a Final Order denying Petralia’s registration after a hearing was held. The Committee found that Petralia failed to show by clear and convincing evidence that his registration would pose no substantial to the public.
  • NFA accepts offer from Tiger Financial Group, a futures firm located in Los Angeles, California, to permanently withdraw from NFA membership. July 30, Chicago – A National Futures Association (NFA) Hearing Panel has issued a Decision in which it accepted Tiger Financial Group’s (Tiger Financial) offer to permanently withdraw from NFA membership. Tiger Financial was an Introducing Broker located in Los Angeles, California. Brian Ozkan, the firm’s principal and chief executive officer, has been suspended from NFA membership for three years. NFA also imposed sanctions against several other Tiger Financial staff members (Eric M. Golub, Ramon Chalis, Ameet Andhari, Dustin S. Smith, James A. Spear, Darcus O. Young and Christopher Brueck).
  • The Complaint alleged that Tiger Financial, along with Andhari, Chalis, Smith, Spear, Young and Brueck, made    deceptive and misleading sales solicitations and that they also recommended trades that were not in the best interest of their customers. In addition, the Complaint alleged that Tiger Financial, Ozkan and Golub failed in their duty to diligently supervise Tiger’s business.
  • The complete text of the Complaint and Decision can be found on NFA’s website (www.nfa.futures.org)
Got a news tip? Let Us Know