Argo’s Joel Vincent Newcomb banned for life by NFA

Rick Steves

The complaint issued by NFA’s Business Conduct Committee in August 2020 alleged that Argo failed to disclose the impact of so-called “commission rebates” on the profit potential of pool participants, and the extent of fees and commissions that would be charged, and their significant impact on the pool.

NFA vs IBFX yet again!

The NFA has ordered former commodity pool operator Argo Wealth Management never to reapply for membership or act as a principal of an NFA Member.

The firm’s associate Joel Vincent Newcomb was also banned for life, while associate Daniel Morris Miller was banned for three years.

The complaint issued by NFA’s Business Conduct Committee in August 2020 alleged that Argo failed to disclose the impact of so-called “commission rebates” on the profit potential of pool participants, and the extent of fees and commissions that would be charged, and their significant impact on the pool.

The firm used deceptive and misleading promotional material and claimed a customer’s overall costs would be lower if the customer invested in the Argo pool, the NFA alleged.

The case ended in a settlement in which Argo, Joel Vincent Newcomb, and Daniel Morris Miller neither admitted nor denied the allegations.

Mr. Miller may still reapply for NFA membership following the three-year ban if he pays a $100,000 fine, but he will be subject to certain restrictions for an additional two years if he is again granted NFA membership status.

The NFA has recently increased the maximum monetary penalty to $500,000 per rule violation. The previous maximum size was $250,000 per violation. This increase is intended to further deter violations of NFA requirements and provide NFA’s disciplinary panels with the flexibility needed in assessing penalties.

NFA explained that it has not encountered any issues with the current maximum penalty fine amount, but figured it should update the amount given it was last increased in 1990.

The rules now read: “The Business Conduct Committee, BCC Panel or Hearing Panel, or the Appeals Committee on appeal or review, may at the conclusion of the disciplinary proceeding impose one or more of the following penalties:

(ii) Bar or suspension for a specified period from association with a Member;

(iii) Censure or reprimand;

(iv) A monetary fine, not to exceed $500,000 per violation;

(v) Order to cease and desist; and

(vi) Any other fitting penalty or remedial action not inconsistent with this rule.”

Read this next

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

<