IFG Markets, Wilson Cheng Permanently Barred from NFA Following Settlement

Following an earlier complaint and allegations of illicit recordkeeping practices and fraud by the NFA, IFG Markets LLC and Wilson Cheng have been permanently banned from membership, reaching a Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term.

IFG Markets was an FX, Futures and Options broker – back on July 30, 2014 the National Futures Association (NFA) issued a complaint against IFG Markets. The complaint cited a failure of the following:

• Keeping assurance financial records
• Complying with the equity withdrawal restriction
• Maintaining required minimum adjusted net capital
• Filing telegraphic notice
• Observing high standards of commercial honor
• Implementing an adequate AML program
• Using proper promotional material

In addition to being a member of the NFA, IFG Markets was registered with the US’ Commodity Futures Trading Commission (CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term). The complaint was also lobbied against Wilson Cheng, accusing a failure of the aforementioned violations.

On July 17, 2014, both IFG Markets and Cheng both denied any allegations as mandated by the NFA. Consequently, this led to a settlement offer by both Cheng and IFG Markets, ultimately barring them from all future membership at the NFA. The effective date for this action is slated for October 23, 2014.