Two former employees of the NFA now at ILQ, accuse the agency of trying to use them as scapegoats as NFA Associate General Counsel said: "you should receive $50,000 bonuses for taking the bullet on this."
Last month the National Futures Association (NFA) announced it had filed a complaint for failure to cooperate against ILQ, the US- based institutional FX broker and Liquidity provider. Today Forex Magnates was able to obtain ILQ's legal answer to the NFA, rebuffing the allegations and accusing the regulator of making illogical demands and biased judgments.
In its complaint the NFA alleges that Institutional Liquidity LLC, or ILQ, and two of its executives, Mark Krier and Jason Tanner, failed to cooperate in a timely manner with an investigation. An additional allegation was made against James Pieron for failure to supervise in order to assure cooperation in an NFA investigation.
In a rare move for American FX brokers, the accused in the complaint tried to stand up to the NFA. In a powerful message to the regulator, the respondents call for the dismissal of the case as all the charges are baseless and the allegations are contrary to both fundamental legal principles and common sense. Additionally, Mr. Krier and Mr. Tanner, both former employees of the NFA, accused the agency of trying to make scapegoats out of them.
According to the legal answers of ILQ and the three other respondents, obtained by Forex Magnates, a very dark image of the NFA as a ridiculous Kafkaesque institution is painted. The case revolves around the NFA's demand for the financial information of Harrison Associates and HMcP. Harrison is an owner and principal of ILQ, and HMcP in turn owns Harrison and is therefore a principal of ILQ.
ILQ and the respondents did not have access to confidential financial information of HMcP as it was an investor in ILQ, not the other way around. When asked to produce the financial information of ILQ and HMcP, the respondents filed their firm's information within twenty four hours and contacted HMcP's senior executive, Craig Mawdsley, with the knowledge that the NFA would ask him to comply with the demands.
Despite ILQ's repeated attempts to convince him, Craig Mawdsley was hesitant to release certain documents he believed were irrelevant to the investigation and would expose the private and personal affairs of HMcP. According to the legal answers, a considerable amount of time was lost due to delays caused by NFA staff unavailability. Eventually, after NFA Associate General Counsel, Ronald Hirst took up direct negotiations with Mr. Mawdsley himself, the required information was produced.
Once all the financial information was turned over to the NFA the objectives of the investigation were fully met, according to the respondents. The inquiry established that there was no undisclosed party associated with HMcP as principals of ILQ. HMcP has the financial capabilities to fund ILQ, and there was no suspicious activity in connection with HMcP’s capital infusions into ILQ and HMcP has never had any relationships with Trevor Cook, David Smith or the Martinez family as was alleged.
Regardless of the outcome of the investigation, the NFA chose to accuse ILQ for its own failure to obtain the financial information in the time frame it was expected to. The legal answers explain that it is absurd and does not make sense as the respondents were not employees of HMcP, did not have the information or access to it, and therefore can not be expected to produce it.
Additionally, the respondents claim the agency tried to tarnish their reputations by making irrelevant allegations, saying that the NFA’s alleged suspicions regarding Trevor Cook, the Martinez family and David Smith lack credibility and are superfluous, and that the NFA knows that to be the case.
The most compelling evidence for the respondents' allegation that the NFA is trying to use them as scapegoats comes from Mr. Tanner's answer. It is stated that at about 4:00 p.m. on January 10, 2014, Tanner spoke by telephone with NFA Associate General Counsel, Ron Hirst. He agreed that Tanner and Krier had done everything in their power to facilitate the production of the requested documents relating to HMcP. Hirst went on to say to Tanner: “. . . you are between a rock and a hard place . . . there was little you could control . . . the action is aimed at the guys in the Bahamas . . . Mark (Krier) and you should receive $50,000 bonuses for taking the bullet on this . . . .,” or similar words to the same effect.
Last month the National Futures Association (NFA) announced it had filed a complaint for failure to cooperate against ILQ, the US- based institutional FX broker and Liquidity provider. Today Forex Magnates was able to obtain ILQ's legal answer to the NFA, rebuffing the allegations and accusing the regulator of making illogical demands and biased judgments.
In its complaint the NFA alleges that Institutional Liquidity LLC, or ILQ, and two of its executives, Mark Krier and Jason Tanner, failed to cooperate in a timely manner with an investigation. An additional allegation was made against James Pieron for failure to supervise in order to assure cooperation in an NFA investigation.
In a rare move for American FX brokers, the accused in the complaint tried to stand up to the NFA. In a powerful message to the regulator, the respondents call for the dismissal of the case as all the charges are baseless and the allegations are contrary to both fundamental legal principles and common sense. Additionally, Mr. Krier and Mr. Tanner, both former employees of the NFA, accused the agency of trying to make scapegoats out of them.
According to the legal answers of ILQ and the three other respondents, obtained by Forex Magnates, a very dark image of the NFA as a ridiculous Kafkaesque institution is painted. The case revolves around the NFA's demand for the financial information of Harrison Associates and HMcP. Harrison is an owner and principal of ILQ, and HMcP in turn owns Harrison and is therefore a principal of ILQ.
ILQ and the respondents did not have access to confidential financial information of HMcP as it was an investor in ILQ, not the other way around. When asked to produce the financial information of ILQ and HMcP, the respondents filed their firm's information within twenty four hours and contacted HMcP's senior executive, Craig Mawdsley, with the knowledge that the NFA would ask him to comply with the demands.
Despite ILQ's repeated attempts to convince him, Craig Mawdsley was hesitant to release certain documents he believed were irrelevant to the investigation and would expose the private and personal affairs of HMcP. According to the legal answers, a considerable amount of time was lost due to delays caused by NFA staff unavailability. Eventually, after NFA Associate General Counsel, Ronald Hirst took up direct negotiations with Mr. Mawdsley himself, the required information was produced.
Once all the financial information was turned over to the NFA the objectives of the investigation were fully met, according to the respondents. The inquiry established that there was no undisclosed party associated with HMcP as principals of ILQ. HMcP has the financial capabilities to fund ILQ, and there was no suspicious activity in connection with HMcP’s capital infusions into ILQ and HMcP has never had any relationships with Trevor Cook, David Smith or the Martinez family as was alleged.
Regardless of the outcome of the investigation, the NFA chose to accuse ILQ for its own failure to obtain the financial information in the time frame it was expected to. The legal answers explain that it is absurd and does not make sense as the respondents were not employees of HMcP, did not have the information or access to it, and therefore can not be expected to produce it.
Additionally, the respondents claim the agency tried to tarnish their reputations by making irrelevant allegations, saying that the NFA’s alleged suspicions regarding Trevor Cook, the Martinez family and David Smith lack credibility and are superfluous, and that the NFA knows that to be the case.
The most compelling evidence for the respondents' allegation that the NFA is trying to use them as scapegoats comes from Mr. Tanner's answer. It is stated that at about 4:00 p.m. on January 10, 2014, Tanner spoke by telephone with NFA Associate General Counsel, Ron Hirst. He agreed that Tanner and Krier had done everything in their power to facilitate the production of the requested documents relating to HMcP. Hirst went on to say to Tanner: “. . . you are between a rock and a hard place . . . there was little you could control . . . the action is aimed at the guys in the Bahamas . . . Mark (Krier) and you should receive $50,000 bonuses for taking the bullet on this . . . .,” or similar words to the same effect.
From “Unrealistically Good” To “Cesspool Of Gamesmanship”: How 40 Minutes Changed Minds On Prop Trading
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
