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thanks Linuxser. I didn't include CMC because they are a major publically traded company in the UK who are very well known. So I don't think there is any risk associated with them in comparison to the other firm's on the list. Alpari does not have the kind of resources as CMC has and are a far greater risk in my opinion.
thanks Linuxser. I didn't include CMC because they are a major publically traded company in the UK who are very well known. So I don't think there is any risk associated with them in comparison to the other firm's on the list. Alpari does not have the kind of resources as CMC has and are a far greater risk in my opinion.
No word on whether Solid Gold has made the capital requirement however.
Quote:
NFA orders San Francisco firm to pay $35,000 fine
January 2, Chicago - National Futures Association (NFA) has ordered Solid Gold Financial Services Inc. (Solid Gold), a Futures Commission Merchant located in San Francisco, California, to pay a fine of $35,000. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed in November 2007 and a settlement offer submitted by Solid Gold.
The Committee found that Solid Gold used misleading advertisement and submitted false or misleading information to NFA. The Committee also found that Solid Gold failed to provide its customers with required disclosure regarding NFA's Background Affiliation Status Information Center (BASIC) and failed to obtain required information from its customers. Additionally, the Committee found that Solid Gold failed to take applicable concentration charges, failed to maintain the required adjusted net capital and failed to collect the required minimum security deposit.
I spoke to Robb Evans, the temporary receiver and the hearing has been postponed until Jan. 28th. There are probably a couple of reasons, but most likely the receiver requires more time to determine the actual list of creditors (in addition to investors/traders) and to determine the actual extent of the outstanding debt. It is also possible (fingers crossed) that there is an offer to purchase, but that would also await a finalization of debt. A real longshot (fingers, legs, eyes and toes crossed) would be that R.G. has put a plan together to rescue FXLQ, but somehow I doubt that. It would be a pleasant surprise if either of the last two options emerged.
Best wishes to all who are caught in this, but keep the faith though, stranger things have happened.
FXLQ hearing postponed!
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