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canada goose clearance sale regulators on Tuesday sued a small futures broker run by famed New York trader Mark Fisher, saying it failed to properly segregate customer funds, and one commissioner called the suit a warning to the industry. Commodity Futures Trading Commission lawsuit against MBF Clearing Corp, which ceased clearing trades for customers last year, comes at a time of mounting vigilanceregarding customer funds after October bankruptcy of MF Global Holdings Ltd, where an estimated $1.6 billion vanished. canada goose clearance sale

buy canada goose jacket The suit, which canada goose coats on sale will likely be followed by other CFTC enforcement actions, is unrelated to the MF Global bankruptcy, and does not allege that any MBF Clearing customer money was lost. buy canada goose jacket

message is clear and will be getting even more clarion: don screw with customer funds, Bart Chilton, a CFTC commissioner, said in an interview in Boca Raton. the wake of MF Global and the loss of those funds, we need canada goose uk outlet to be even canada goose uk black friday more diligent, uk canada goose outlet more proactive and less trusting of firms Canada Goose Coats On Sale than ever before.

According to the lawsuit, MBF violated federal law by holding between $30 million and $90 million of customer canada goose coats funds between September2008 and March 2010 in a non compliant money market account at JPMorgan Chase Co.

canada goose coats MBF alleged violations predate MF Global collapse. In a statement, MBF canada goose black friday sale said it opened the account solely to protect customer funds after the bankruptcy of Lehman Brothers in 2008. The firm said it pulled its funds out of Lehman and reported what happened to CME Group Inc, another of its regulators. canada goose coats

canada goose black friday sale a nickel of customer money was lost, MBF said. canada goose black friday sale

MBF also said that after the collapse of MF Global in October, it made its own customers whole for any MF Globlal related losses.

Canada Goose sale RARE Canada Goose sale LAWSUIT The CFTC typically settles most buy canada goose jacket of its investigations directly and has rarely challenged a broker fund segregation practices. Canada Goose sale

canada goose clearance The lawsuit seeks civil fines, the disgorgement of fees and other revenue from the Canada Goose Parka alleged improper conduct, a permanent injunction against similar violations canadian goose jacket and other remedies. history. canada goose clearance

canada goose coats on sale While MBF was very small Canada Goose Outlet in terms of its customer funds it held less than $100 million over the canada goose factory sale past several years, less than 2 percent as much as MF Global its founder was well known among New York traders, whose shouts, Canada Goose online frantic hand gestures and colorful coats dominated the exchanges for decades. canada goose coats on sale

Fisher founded the firm in 1987. At the time, he was cheap Canada Goose already famous for rising from a on the floor of the New York COMEX exchange Canada Goose Jackets at age 12 to join the rnaks of the biggest and most well known traders on the New York energy and metals exchanges.

Canada Goose Jackets His office is housed in the NYMEX building which overlooks the Hudson River on Manhattan southern tip, even as most trading long ago migrated onto electronic platforms. Canada Goose Jackets

Canada Goose online The firm still acts as a broker but became a non clearing FCM late last year and no longer holds customer funds because of what canada goose store happened at MF Global, Fisher uk canada goose said. Canada Goose online

cheap Canada Goose Fisher has since expanded into other ventures. cheap Canada Goose

canada goose In Canada Goose Online November he canada goose clearance sale and fellow commodity industry veteran Dennis Gartman launched two exchange traded notes that allowed investors to canada goose convey whether they perceived market on or off canada goose

Canada Goose Parka JPMorgan had no immediate comment. Canada Goose Parka

buy canada goose jacket cheap A CME spokesman said it cheap canada goose uk does not comment on CFTC actions. buy canada goose jacket cheap

CFTC LAYS OUT ITS CASE The CFTC accused MBF of failing to maintain sufficient segregated funds on roughly 322 business days between Oct. 3, 2008 and March 26, 2010, and lacking adequate supervision and procedures.

canadian goose jacket It said that in one instance, MBF was by $63.1 million in mid April 2009, when it had just $13.1 million of segregated funds rather than the required $76.2 million. About $90.4 million of customer funds was then in the JPMorgan account, the CFTC said. canadian goose jacket

canada goose deals The account had been opened on Sept. 17, 2008, two days after Lehman Brothers Holdings Inc filed for bankruptcy. canada goose deals

The suit is unlikely to be the last from the CFTC, which is now under pressure from politicians and traders to prevent any other buy canada goose jacket cheap brokers from misusing customer funds.

Canada Goose Outlet haven heard the end to the MF Global saga. It will catch up with the full segment of the broker industry, said one canada goose clearance high level executive at a futures commission canada goose uk shop merchant. not just commodities but securities as well. All of these things are just coming down the pike and are feeding on each other Canada Goose Outlet.