Benhope Marlon Munroe of Plainview, New York, has had his registration as a commodity futures broker revoked following a CFTC enforcement action. The U.S. Commodity Futures Trading Commission announced the revocation of iFinix Futures, Inc. – of which Munroe was the principal – on October 16, 2014.
The CFTC initiated proceedings against iFinix in February 2014, stemming from a successful injunction secured against both the company and Munroe in the U.S. District Court for the Eastern District of New York. The court found that iFinix and Munroe engaged in fraudulent activity by making false statements and submitting falsified documents to the National Futures Association (NFA).
Philip V. McGuire, CFTC Judgment Officer, issued an Initial Decision on Default on September 8, 2014, determining that iFinix was subject to statutory disqualification from CFTC registration. This decision was based on the findings of the prior injunction, which also barred Munroe and iFinix from further false statements and trading activities.
The Final Order revoking iFinix’s registration became effective on October 8, 2014. Munroe and iFinix were jointly and severally ordered to pay a civil monetary penalty of $1.26 million as part of the original injunction, dating back to September 27, 2012. The CFTC acknowledged the assistance of the NFA in the investigation.
Lara Turcik, Christopher Giglio, Douglas K. Yatter, Lenel Hickson, Jr., and Manal M. Sultan of the CFTC Division of Enforcement led the case.
Source: CFTC.gov
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