Benhope Marlon Munroe, a senior executive at iFinix Futures, Inc., faces civil charges of fraud and financial misconduct, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on September 27, 2012. The case, filed in the U.S. District Court for the Eastern District of New York, alleges that Munroe and iFinix, based in Plainview, N.Y., intentionally misled the National Futures Association (NFA) regarding their financial standing.
The CFTC alleges that in July 2011, during an NFA audit, Munroe knowingly provided falsified bank documents and made false statements to conceal iFinix’s inability to meet minimum financial requirements for an independent introducing broker. Specifically, Munroe allegedly claimed iFinix held $60,000 in available cash, supporting the claim with altered bank records.
The complaint further details that iFinix, under Munroe’s control, failed to maintain adequate capital, neglected to keep required records, and did not notify the NFA, futures commission merchants, or customers when it became aware of its financial deficiencies. iFinix also operated under the name Pro-Active Futures.
The CFTC is pursuing civil monetary penalties, restitution of any ill-gotten gains, trading and registration bans, and permanent injunctions to prevent further violations of federal commodities laws. The agency acknowledged the cooperation and assistance provided by the NFA in the investigation.
Munroe, of New Milford, Conn., and iFinix Futures, Inc. are both named as defendants in the case. The CFTC’s legal team includes Douglas K. Yatter, Lara Turcik, Christopher Giglio, Manal M. Sultan, Lenel Hickson, Jr., Stephen J. Obie, and Vincent A. McGonagle.
As of the filing date, no criminal charges have been announced. The case is ongoing.
Source: CFTC.gov
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