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NFA permanently bars Foreign Trade Bank Securities Inc.

Posted on July 23, 2009 at 10:28 in Forex, NFA new requirements by Francesc

National Futures Association has permanently barred from NFA membership Foreign Trade Bank Securities Inc, an alternative investment manager with offices in Southern California.

The Complaint alleged that Foreign Trade Bank and Wassink failed to provide certain records requested by NFA in the course of NFA’s most recent audit of Foreign Trade Bank, including records relating to the FTB Fund LP (”FTB Fund”), which is a Commodity Futures Trading Commission (’CFTC) Regulation 4.13(a)(4) exempt commodity pool operated by Foreign Trade Bank. The Complaint charged Foreign Trade Bank and Wassink with violations of NFA Compliance Rule 2-5.

NFA also also ordered that William Brian Wassink, principal of FTB, to be withdrawn from NFA associate membership and not reapply for NFA membership or associate membership or act as a principal of an NFA member for a period of three years. If after the expiration of the three year membership bar, Wassink reapplies for NFA membership, he shall pay a $5,000 fine. This Decision becomes effective on August 5, 2009.
Case Summary

Tags: NFA

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