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.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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