A company and several associates settled CFTC charges for failing to register as commodity trading advisors ("CTAs") while offering foreign currency transactions to retail customers.
According to the CFTC, the company, without being registered as a CTA, solicited retail U.S. customers to open discretionary trading accounts in forex through an automated trading software program called "forex autotrader" that selected currency pairs for trading. In addition, the CFTC found that the customers were not eligible contract participants.
To settle the charges, the company and associates agreed to (i) cease and desist from further violating certain CFTC rules, (ii) pay a civil monetary penalty of $75,000, including post-judgment interest, and (iii) comply with the undertakings outlined in the Offer.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.