Soreide Law Group, PLLC, has been contacted recently by several clients that have complained of a high level of trading activity by Vision Financial Markets.Vision Financial Markets, a futures commission merchant (FCM) and introducing broker (IB), is registered with the NFA. Vision Financial Markets is a Futures Commission Merchant and Commodity Pool Operator with headquarters in New York City and branch offices in Chicago, Illinois and Stamford, Connecticut.
In May, 2011, the National Futures Association (NFA) levied a fine of $500,000 against Vision. The decision, issued by NFA’s Business Conduct Committee, is based on a Complaint filed in May, 2011 against Vision and its president and senior vice president, Howard M. Rothman and Michael P. Doherty, respectively and a settlement offer submitted by them.Last year the committee found that Vision, Rothman and Doherty failed to diligently supervise five of Vision’s Guaranteed Introducing Brokers (GIBs): 20/20 Trading Company, Statewide FX, Inc., Vista Trading Advisors, Inc., Investors Trading Institute, and Direct Futures LLC.
In 2010, NFA Complaints against these GIBs included allegations of recommending trades that maximized commissions without regard for the best interest of their customers, making deceptive sales solicitations and using deceptive promotional materials.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
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