NFA Serves Vincent Capital Group with $35,000 Fine
Another day another fine, as the NFA has issued a decision in its complaint case against Vincent Capital Group after
In a case closed last week, the NFA has filed that member firm and introducing broker, Vincent Capital Group was fined for
$35,000. The case stems from a December 2013 complaint that Vincent Capital Group had solicited clients for forex trading without being registered as a Forex Firm.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
In addition, the firm was allegedly marketing to customers via radio shows and billboard ads without having advertising material approved by the NFA. The requirement for pre-approval of marketing material was in relation to a previous complaint by the NFA in 2012, which resulted in a decision which enacted the review of Vincent’s solicitation material. In its complaint, the NFA also found Vincent Capital Group to be maintaining funds below its capital requirements.
Suggested articles
The FBS CopyTrade Team Presents a New 'FBS CopyStar' ContestGo to article >>
A provider of financial advisory services, part of Vincent’s ongoing marketing of its products is being done via radio shows and seminars. Having registered to become classified as a Forex Firm in 2010, Vincent Capital Group withdrew its forex designation in 2011.
In answering the NFA’s case, Vincent Capital Group agreed to pay a fine of $35,000, while neither admitting nor denying allegations made in the complaint. In preparing their decision, the NFA accepted Vincent’s offer to pay the $35,000 fine.
Standard. These so called radio personalities (they pay to be on the radio) are not series 7 licensed through FINRA and should not be trusted with your money. They are more or less scam artists.