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Alpari US got $200,000 fine from NFA

15 August 2012 07:30 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. NFA found Alpari violated several NFA requirements, including improperly canceling forex trades and removing profits from customer accounts, failing to timely report trade data and other required information to NFA, failing to observe high standards of commercial honor, failing to comply with NFA’s Enhanced Supervisory Requirements and failing to keep accurate records. The Decision also found that Alpari - together with Harmon and Lani - failed to supervise.

In addition to the $200,000 fine, Alpari is required to refund within 30 days to customers losses they incurred as a result of the price adjustments that Alpari made to their accounts in connection with an October 2011 "market event." Alpari must also provide verification to NFA that these refunds were paid to and received by customers.