Orders announced Nov. 9 bar eight individuals from CFTC registration for two years and resolve charges tied to unregistered foreign introducing brokers.
The Commodity Futures Trading Commission said the individuals acted as associated persons of the brokers without registering as associated persons of those brokers. The brokers were also unregistered and solicited orders for retail foreign currency and commodity transactions conducted off exchanges with leverage or margin. The customers were not eligible contract participants.
The individuals must stop the conduct covered by the orders. For two years, they cannot register with the CFTC in any capacity or serve as a principal, agent or employee of any CFTC registrant. Each order also recognizes a penalty owed by the individual in a related Securities and Exchange Commission proceeding.
SEC records show the agency settled related charges against seven individuals on Sept. 30 and Christopher Williams on Nov. 6 based on the same conduct. The CFTC said its cases followed an earlier order against Netrios LP Ltd. and Red Acre Ltd. over off-exchange commodity transactions involving U.S. customers.
