IKON fined $320,000 for Virtual Dealer

It seems most Forex brokers with the MT4 platform have been using this plug-in in a huge conflict of interest and disadvantage to their clients. Gain Capital was fined half a million for usage of same plug-in as well.

October 28, Chicago - National Futures Association (NFA) has ordered IKON Global Markets, Inc. (IKON), a forex dealer member to pay a fine of $320,000 as a result of an NFA Complaint issued and a settlement offer submitted by IKON and its principal, Diwakar Jagannath.

The Complaint alleged that IKON engaged in certain price Slippage practices on the MetaTrader platform that were favorable to IKON and caused disadvantageous trading conditions for certain customers. The Complaint also charged that IKON failed to supervise the MetaTrader platform used for their forex business, and failed to supervise the firm's operations.

In addition to the fine amount, IKON must provide appropriate refunds to its customers as a result of these asymmetrical slippage practices.

IKON and Jagannath neither admitted nor denied the charges. The complete text of the Complaint and Decision are available on NFA's website (www.nfa.futures.org).

Complaint is embedded below.

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NFA orders monetary sanction of $320,000 against New York forex firm IKON Global Markets