****

The NFA has come out and clarified that it is not investigating any of the transactions in question by Olint or TCI. They are merely citing I Trade FX for not filing any anti-money laundering notices in regards to the transactions in question. Jamaican media is all over this one: http://www.radiojamaica.com/content/view/9731/26/

Quote:
Olint and TCI Not Part of Investigation

The US securities watchdog company, “National Futures Association” (NFA) says local investment clubs Olint and TCI are not part of its investigation into foreign exchange trader, I-Trade.

Last week it emerged that a complaint had been filed with the NFA about a failure to report suspicious transactions involving foreign exchange trading.

Director of Communication at the NFA Larry Dykeman told RJR News that its investigations do not involve the local companies.

Last week the independent investigators NFA commenced investigations into a complaint about I-trade, a foreign exchange dealer which had Olint’s David Smith as one of its principals.

Mr. Smith withdrew as a principal of I-Trade at the end of December last year.

Mr. Dykeman said the complaint arose because I-Trade did not supervise their complaint officer who should have raised an alarm about some of the account activity.

“What we are saying in this complaint is that, I-Trade as a member of NFA had an anti-money laundering programme in place that should have triggered them when they saw this account activity on behalf of Olint and TCI, they should have filed a suspicious activity report to the Federal government,” said Mr. Dykeman.

According to the NFA there could be a logical explanation to the account activity but added that certain transactions should automatically trigger a report to the authorities.

I-trade could be fined if found guilty or the NFA could suspend its membership in the regulatory body.

The NFA’s investigation into I-Trade will be completed by the end of the month.

***

Taken from FXStreet Forum...http://www.fxstreet.com/forum/showthread.php?p=13684

The NFA document reveals that David Smith is reported as failing to produce banking accounts resulting in him being forced to withdraw as a principal of I-Trade.  The activities of his companies, Olint TCI and TCI FX, are also labeled suspicious by the NFA.

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