Reuters: Regulatory News: CFTC charges iFinix Futures with making false statements

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CFTC charges iFinix Futures with making false statements Sep 27th 2012, 22:30 By Alexandra Alper WASHINGTON, Sept 27 | Thu Sep 27, 2012 6:30pm EDT WASHINGTON, Sept 27 (Reuters) - The U.S. Commodity Futures Trading Commission on Thursday charged iFinix Futures Inc and a senior executive officer with making false statements to an industry regulator to hide its financial problems. According to the CFTC, the New-York based introducing broker and its senior executive officer, Benhope Marlon Munroe, concealed material facts from the National Futures Association, a self-regulatory organization. In July, 2011, Munroe "willfully made false statements and provided falsified bank documents to the NFA to conceal iFinix's failure to maintain adequate capital" during an NFA audit, the CFTC said. The CFTC said that the defendants falsely represented that iFinix had $60,000 in available cash and provided bank account documents that had been altered to conceal the fact that the firm lacked the cash. Attempts to locate iFinix and Munroe for comment were not immediately successful. Ifinix also operates as Pro-Active Futures, Inc. In August, the NFA suspended iFinix from NFA membership over similar claims. The iFinix complaint was filed in the U.S. District Court for the Eastern District of New York. The CFTC is seeking civil monetary penalties and ill-gotten gains. Link this Share this Digg this Email Reprints

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