IFG Markets, Wilson Cheng Permanently Barred from NFA Following Settlement

Following an earlier compliant and allegations of illicit recordkeeping practices and fraud by the NFA, IFG Markets LLC and Wilson

NFAFollowing an earlier complaint and allegations of illicit recordkeeping practices and fraud by the NFA, IFG Markets LLC and Wilson Cheng have been permanently banned from membership, reaching a settlement.

IFG Markets was an FX, Futures and Options broker – back on July 30, 2014 the National Futures Association (NFA) issued a complaint against IFG Markets. The complaint cited a failure of the following:

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  • Keeping assurance financial records
  • Complying with the equity withdrawal restriction
  • Maintaining required minimum adjusted net capital
  • Filing telegraphic notice
  • Observing high standards of commercial honor
  • Implementing an adequate AML program
  • Using proper promotional material

ifgIn addition to being a member of the NFA, IFG Markets was registered with the US’ Commodity Futures Trading Commission (CFTC). The complaint was also lobbied against Wilson Cheng, accusing a failure of the aforementioned violations.

On July 17, 2014, both IFG Markets and Cheng both denied any allegations as mandated by the NFA. Consequently, this led to a settlement offer by both Cheng and IFG Markets, ultimately barring them from all future membership at the NFA. The effective date for this action is slated for October 23, 2014.

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