NFA orders a Utah introducing broker to pay $80,000 fine.

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Regulatory and Compliance News

For more information contact:

Christie Hillsman, 312-781-1497, chillsman@nfa.futures.org
Karen Wuertz, 312-781-1335, kwuertz@nfa.futures.org

NFA orders Salt Lake City, Utah introducing broker Member BTU Brokers, Inc. to pay an $80,000 fine

April 5, Chicago—NFA has ordered Salt Lake City, Utah introducing broker BTU Brokers, Inc. (BTU) and its principal and associated person (AP) Christopher Anthony Ridgeway to jointly pay an $80,000 fine.

The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by BTU and Ridgeway, in which they neither admitted nor denied the allegations in the Complaint. In its Complaint, the BCC alleged that BTU and Ridgeway failed to comply with NFA Registration Rules and failed to diligently supervise the operations and APs of BTU, in apparent violation of NFA Compliance Rule 2-9(a). The BCC’s Complaint also alleged that BTU and Ridgeway failed to observe the high standards of commercial honor and just and equitable principles of trade expected of NFA Members and Associates by permitting the registration and supervision deficiencies to occur, in apparent violation of NFA Compliance Rule 2-4. In its Decision, the BCC found that BTU and Ridgeway violated NFA Compliance Rules 2-9(a) and 2-4.

The complete text of the Complaint and Decision can be viewed on NFA’s website.

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