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ARTICLE · 06 DECEMBER 2019

Company And Associates Settle CFTC Charges For Registration Failure

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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.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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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.

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