September 26, 2013
CFTC Obtains Default Judgment and Permanent Injunction against iFinix Futures, Inc. and Its Senior Executive Officer, Connecticut Resident Benhope Marlon Munroe, for Making False Statements to the NFA and Failing to Meet Minimum Financial Requirements
Defendants ordered to pay a $1,260,000 penalty and permanently barred from any commodity-related activities
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Leonard D. Wexler of the U.S. District Court for the Eastern District of New York entered an Order of default judgment and permanent injunction against CFTC-registered independent Introducing Broker (IB) iFinix Futures, Inc. (iFinix) of Plainview, N.Y., and its senior executive officer, Benhope Marlon Munroe of New Milford, Conn. iFinix has also done business under the name Pro-Active Futures.
The court’s Order requires iFinix and Munroe to pay a $1,260,000 civil monetary penalty, imposes permanent trading and registration bans against them, and prohibits them from violating the Commodity Exchange Act and CFTC regulations, as charged.
The Order, entered September 16, 2013, stems from a CFTC complaint filed on September 27, 2012 (see CFTC Press Release 6370-12), charging the Defendants with making false statements to the National Futures Association (NFA), the futures industry self-regulatory organization, and with failing to meet minimum financial requirements for an independent IB.
The Order finds that, in and around July 2011, Munroe and iFinix willfully provided no fewer than five falsified bank account documents to the NFA during its audit of iFinix, in order to conceal iFinix’s failure to maintain adequate capital. In addition, the Order finds that, during at least the months of July and August 2011, iFinix, with Munroe as its controlling person, failed to maintain adequate capital, failed to maintain current books and records, and failed to cease operations and provide notice of its inadequate capital.
The CFTC thanks the NFA for its cooperation and assistance.
CFTC Division of Enforcement staff members responsible for this case are Douglas K. Yatter, Lara Turcik, Christopher Giglio, Lenel Hickson, Jr., Stephen J. Obie, Manal M. Sultan, and Vincent A. McGonagle.
Last Updated: September 26, 2013