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

NFA fines Gain Capital $700K over compliance violations

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Gain Capital halted the system malfunction, but it had lost about $3 million before that. 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). It was based on a BCC complaint, Gain and Alexander Bobinski’s settlement offer. The allegations were not admitted or denied.

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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