NFA penalises another FX FCM
FX Option1: Benji Dayan. He's not the office assistant.
The US National Futures Association has clamped down on yet another FX futures commission merchant, fining and suspending Florida-based FX Option1.
The dry details are as follows: The NFA has suspended the company from NFA membership for one year and fined it $10,000 for failing to list a principal of the firm, maintain required books and records, collect customer security deposits, and adopt and implement an adequate anti-money laundering programme.
Looking through the complaint is quite amusing. “On July 13, 2005, FX1 changed its registration to remove Benji Dayan as a principal and AP of the firm. On July 18, Dayan sent an email message to NFA in which he represented that he had ceased doing business with FX1 and its parent company FX1 LP on July 13 and, thereafter, played no role at either firm.”
The NFA then adds: “NFA commenced an examination of FX1 in October 2005. When NFA arrived at FX1’s offices, it found Dayan occupying the largest office at FX1, which was identified as ‘executive office’ on the firm’s floor plan.”
That kind of gave the fact away that Dayan was actually the 99.9% owner of FX1 LP, not the office assistant, as the company told the NFA on its site visit.