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.
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.
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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.