The NFA is reporting that I- Trade FX and Isaac Martinez’s response, to the June 30, 2008 complaint, should be available on August 15, 2008. According to the NFA information desk, an extension was given and as soon as the response is available it will be posted on their web-site. They further stated that there was nothing to be read into the delay as it is a usual occurrence.
Serious Penalties if found guilty
According to the complaint document, at the conclusion of the proceedings, the NFA may impose one or more of the following penalties:
- expulsion or suspension for a specified period from NFA membership;
- bar or suspension for a specified period from association with an NFA Member;
- censure or reprimand;
- a monetary fine not to exceed $250,000 for each violation found; and
- order to cease and desist or any other fitting penalty or remedial action not inconsistent with these penalties.
On June 30,2008, the NFA filed a complaint against I-Trade FX after investigations found that I-trade FX failed to file Suspicuous activity Report(SARs) on some transcactions carried out by OLINT, TCI FX, David Smith, Ingrid Loiten of May Daisy and Gareth Harris.
I-Trade FX response to the complaint is of interest to many persons especillya OLINT and May Daisy investors. What I-Trade says might not have a bearing on how quickly persons get back their money but it might just give further highlights into what happened to the money.
The Department of Justice in the United States in a letter dated July 11,2008, later froze all the assets of the said persons/organisations named above in that NFA complaint against I-trade FX. Whether this was conincidence or related no one is sure but reasonable conclusions could be drawn.
MTI on the Defensive?
On Sunday July 27, 2008, Market Trader’s Insitute(MTI) a sister organisation of I-Trade FX, published an AD. That AD it could be said stopped just short of calling David Smith’s OLINT and Ingrid Loiten’s May Dasiy and other Forex Clubs scams and guilty of taken advantage of Jamaican people.
- I-Trade and the NFA
- MTI says – Scams,Schemes, Scandals!
- What Happens to the Money in a Ponzi Scheme?
- Possible Money Laundering Claims hit OLINT