NFA acts again
US regulator the National Futures Association (NFA) really seems to have the bit between its teeth. This week it has permanently barred another dodgy dealer from NFA membership.
The NFA took action against Tradeco Clearing, a forex dealer member based in San Diego, California. An NFA business conduct committee found that Tradeco: “used deceptive and misleading promotional material, failed to maintain required financial books and records, failed to develop and implement an adequate anti-money laundering program, failed to maintain required adjusted net capital and failed to file required financial notices with NFA” (see www.nfa.futures.org/news/newsRel.asp?ArticleID=2038).