Home Trading NFA fines Gain Capital $700K over compliance violations

NFA fines Gain Capital $700K over compliance violations


Gain Capital was able to stop the system from going down, but it had already suffered a loss of $3 million. The company made a negative adjustment to 17 customer accounts for approximately $2.84million and a positive adjustment to 33 customer accounts for about $35,000. These actions were approved by Gain Capital’s CEO, Alexander Bobinski.

The decision for the penalty was made by NFA’s Business Conduct Committee (BCC). The penalty is based on the BCC complaint and the settlement offer made by Gain and Alexander Bobinski. It does not admit or deny the allegations.

The NFA filed a complaint against GAIN alleging that it improperly adjusted customer accounts, and treated customers who were affected by account adjustments and system malfunctions. The company was also accused by NFA of providing inaccurate or incomplete information. Bobinski as well as Gain Capital were held responsible by the self-regulatory organisation for their supervisory failures.

LeapRate’s first article, Gain Capital Fined $700K By NFA for Compliance Violations appeared first on LeapRate

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