Release #4089-97 (CFTC Docket #98-3)
For Release: December 18, 1997
CFTC FILES COMPLAINT CHARGING NEW YORK CURRENCY RESEARCH CORPORATION WITH FAILURE TO PRODUCE BOOKS AND RECORDS
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) today announced the filing of an administrative complaint on December 17, 1997, against New York Currency Research Corporation (New York Currency) of New York, New York. New York Currency was registered as a commodity trading advisor (CTA) and commodity pool operator (CPO) from January 16, 1996 until April 3, 1997.
The CFTC complaint alleges that New York Currency violated the Commodity Exchange Act (CEA) and CFTC regulations by failing to provide to representatives of the Commission books and records required to be kept by CTAs and CPOs when requested to do so.
Specifically, the administrative complaint alleges that New York Currency failed to comply with the CFTC's Division of Enforcement's repeated requests for access to the books and records required to be kept and to be made available upon demand to any representative of the Commission for inspection.
Sanctions available to the CFTC include, a cease and desist order prohibiting the respondent from violating federal commodity law and CFTC regulations, and a civil monetary penalty of not more than $110,000, or triple the monetary gain to the respondent, for each violation of the CEA and CFTC regulations. In order to obtain speedy relief, the Commission authorized expedited procedures in this matter.