NFA hits Chicago, Toronto firms

National Futures Association has announced that it has suspended two firms and fined a third.

National Futures Association has announced that it has suspended two firms and fined a third.
The Chicago-based industry association suspended 11 Trading Inc., a guaranteed introducing broker in Bloomingdale, Ill., Eiger Investment Group, a commodity trading adviser located in Toronto, Canada, and Joerg Heierle, the principal and an associated person of both firms.
NFA took the Member Responsibility Action because it has been unable to contact Mr. Heierle since April 27.
Furthermore, NFA has received information that suggests that Mr. Heierle is acting illegally as a futures commission merchant and a commodity pool operator.
The suspension, which is effective immediately, prohibits 11 Trading, Eiger and Mr. Heierle from acting in any manner which requires registration under the Commodity Exchange Act and prohibits them from soliciting or accepting any additional customer accounts and from distributing, disbursing or transferring any funds without prior NFA approval.
The NFA also levied a $100,000 fine against GAIN Capital Group LLC, a futures commission merchant and forex dealer based in Bedminster, N.J.
The decision, issued by NFA’s Hearing Panel, resulted from a three-count NFA Complaint filed in December 2006 alleging that GCG used deficient promotional materials and failed to notify NFA regarding its commencement of forex business and failed to conform aspects of its anti-money laundering program.
The count alleging GAIN’s failure to notify NFA was dismissed and the decision only affected the remaining two counts.
GAIN has 30 days in which to pay the fine, without admitting to or denying the charges.