Release Number 7338-16
March 14, 2016
CFTC Orders Florida-based IBFX, Inc. (f/k/a TradeStation Forex, Inc.) to Pay a $1 Million Penalty for Failing to Meet Minimum Capital Requirements, Failing to Timely Report Minimum Net Capital Violations, Supervisory Failures, and Violating a Prior CFTC Order
Washington, DC - The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Plantation, Florida-based IBFX, Inc. (IBFX), formerly known as TradeStation Forex, Inc. IBFX is a wholly owned subsidiary of TradeStation Group, Inc. and a CFTC-registered Retail Foreign Exchange Dealer (RFED). The CFTC Order requires IBFX to pay a $1 million civil monetary penalty and agree to certain undertakings set-forth in the Order relating to its RFED operations.
The CFTC Order finds that from January 15, 2015, through February 5, 2015, IBFX failed to meet the minimum capital requirements, failed to notify the CFTC of its undercapitalization, and failed to diligently supervise its employees in violation of CFTC Regulations. The Order also settles charges that IBFX violated a prior CFTC Order entered against IBFX on December 10, 2014 (see CFTC Press Release 7077-14, December 10, 2014).
In settling this matter, the CFTC has taken into account IBFX’s substantial remedial actions after it discovered its deficiencies as well as its cooperation with the CFTC, according to the Order.
The CFTC Division of Enforcement thanks the National Futures Association for its assistance in this matter.
CFTC Division of Enforcement staff members responsible for this matter are George Malas, Traci Rodriguez, Timothy J. Mulreany, and Paul Hayeck.
Last Updated: March 14, 2016