Kevin_in_GA
4,599 posts
msg #112707
- Ignore Kevin_in_GA |
4/9/2013 3:42:11 PM
WASHINGTON (MarketWatch) - The nation' s commodity regulator on Tuesday ordered online brokerage firm Interactive Brokers of Connecticut to pay a $225,000 fine for failing to maintain enough U.S. dollars in its customer accounts, the second time in a year the firm was fined by the agency.
The Commodity Futures Trading Commission allegedly found that between Sept. 21, 2011 and May 8, 2012, Interactive Brokers "improperly" covered its commodity futures and options customer obligations with Japanese yen and Swiss francs to "maximize its interest earnings."
The CFTC also allegedly found that before May 2012, Interactive Brokers, which has over 140,000 customer accounts, failed to train its employees and officers to prevent the violations. Interactive Brokers settled CFTC charges in July, 2012, for failing to diligently supervise the handling and reporting of accounts.
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