Following 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
In 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.