Nadex bans 14 traders for engaging in manipulative scheme
North American Derivatives Exchange, Inc. (Nadex), which will soon have a new owner, has issued disciplinary notices to 14 traders who have violated the rules of the Exchange by engaging in a manipulative scheme. All of these 14 traders were fined and banned from trading on Nadex Markets.
- Nasir Mehmood Khan
Khan engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 10 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/JPY, and AUD/USD on January 15, 2019.
The Nadex Compliance Department has assessed Nasir Mehmood Khan a fine of $11,000.00 and order Khan to pay disgorgement in the amount of $2,060.00. Additionally, Nasir Mehmood Khan’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Masrurakhatun Suleman
The Compliance Department discovered that M A Suleman engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 21 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/JPY, AUD/USD and USD/CAD between December 12, 2018 and January 15, 2019.
The Nadex Compliance Department has deemed it appropriate to assess Masrurakhatun Suleman a fine of $11,000.00 and order her to pay disgorgement in the amount of $2,094.50. Additionally, Masrurakhatun Suleman’s Nadex Membership has been revoked, her account terminated, and she has been permanently banned from trading on Nadex Markets, either directly for her own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Monika Hergeth
Hergeth engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 9 binary option contracts for FX pairs GBP/USD, EUR/USD, and USD/CAD between August 21, 2018 and September 20, 2018.
The Nadex Compliance Department has deemed it appropriate to assess Monika Hergeth a fine of $11,000.00 and order her to pay disgorgement in the amount of $6,200.50. Additionally, Monika Hergeth’s Nadex Membership has been revoked, her account terminated, and she has been permanently banned from trading on Nadex Markets, either directly for her own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Saleem Javid Umatia
Through a review, the Compliance Department discovered that Umatia engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 20 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/JPY, AUD/USD and USD/CAD between December 12, 2018 and January 15, 2019.
The Nadex Compliance Department has deemed it appropriate to assess Saleem Javid Umatia a fine of $11,000.00 and order him to pay disgorgement in the amount of $12,376.25. Additionally, Saleem Javid Umatia’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Todor Petrovic
Through a review, the Compliance Department discovered that Petrovic engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 15 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/JPY and USD/CAD between December 12, 2018 and December 31, 2018.
The Nadex Compliance Department has deemed it appropriate to assess Todor Petrovic a fine of $11,000.00 and order him to pay disgorgement in the amount of $15,908.50. Additionally, Todor Petrovic’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Kamran Mustafa
Through this review, the Compliance Department discovered that Mustafa engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 6 binary option contracts for FX pairs EUR/USD, USD/JPY and USD/CAD between October 5, 2018 and November 26, 2018.
The Nadex Compliance Department has deemed it appropriate to assess Kamran Mustafa a fine of $11,000.00 and order him to pay disgorgement in the amount of $6,843.25. Additionally, Kamran Mustafa’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Syed Muhammad Yasir
Through a review, the Compliance Department discovered that Yasir engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 24 binary option contracts for FX pairs GBP/USD, EUR/USD, AUD/USD and USD/CAD between October 26, 2018 and December 27, 2018.
The Nadex Compliance Department has imposed a fine of $11,000.00 on Syed Muhammad Yasir and ordered him to pay disgorgement in the amount of $23,390.00. Additionally, Syed Muhammad Yasir’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Mahmood Shahid
The Compliance Department discovered that Shahid engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 13 binary option contracts for FX pairs GBP/USD, AUD/USD and USD/JPY on December 21, 2018.
The Nadex Compliance Department has deemed it appropriate to assess Mahmood Shahid a fine of $11,000.00 and order him to pay disgorgement in the amount of $12,493.50. Additionally, Mahmood Shahid’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Syed Tuseef Hassan
The Compliance Department discovered that Hassan engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 15 binary option contracts for FX pairs GBP/USD, EUR/USD, and AUD/USD between December 27, 2018 and May 10, 2019.
The Nadex Compliance Department has deemed it appropriate to fine Syed Tuseef Hassan $18,500.00, and order him to pay disgorgement in the amount of $15,895.50. Additionally, Syed Tuseef Hassan’s Nadex Membership shall be revoked, his account terminated, and he shall be permanently banned from trading on Nadex markets, either directly for his own account, through an intermediary, or as an authorized trader on behalf of any other account.
- Aun Ali
The Compliance Department discovered that Ali engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 25 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/JPY, and USD/CAD between August 27, 2018 and November 12, 2018.
The Nadex Compliance Department has deemed it appropriate to fine Aun Ali $15,500.00, and order her to pay disgorgement in the amount of $38,040.50. Additionally, Aun Ali’s Nadex Membership shall be revoked, her account terminated, and she shall be permanently banned from trading on Nadex markets, either directly for her own account, through an intermediary, or as an authorized trader on behalf of any other account.
- Csaba Biro
Biro engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 14 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/JPY and USD/CAD between August 14, 2018 and October 29, 2018.
The Nadex Compliance Department has deemed it appropriate to assess Csaba Biro a fine of $11,000.00 and order him to pay disgorgement in the amount of $14,234.75. Additionally, Csaba Biro’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Ali Akbar Suleman
Suleman engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 15 binary option contracts for FX pairs GBP/USD, EUR/USD, and USD/CAD between September 24, 2018 and December 13, 2018.
The Nadex Compliance Department has deemed it appropriate to assess Ali Akbar Suleman a fine of $11,000.00 and order him to pay disgorgement in the amount of $33,924.50. Additionally, Ali Akbar Suleman’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Dominic Toop
The Compliance Department discovered that Toop engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 18 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/CAD and USD/JPY between September 10, 2018 and November 28, 2018.
The Nadex Compliance Department has deemed it appropriate to assess Dominic Toop a fine of $11,000.00 and order him to pay disgorgement in the amount of $38,565.00. Additionally, Dominic Toop’s Nadex Membership has been revoked, his account terminated, and he has been permanently banned from trading on Nadex Markets, either directly for his own account or through an intermediary, or as an authorized trader on behalf of any other account.
- Saqib Mahmood
The Compliance Department discovered that Mahmood engaged in or attempted to engage in a manipulative scheme to defraud Nadex markets in at least 23 binary option contracts for FX pairs GBP/USD, EUR/USD, USD/JPY, and AUD/USD between November 16, 2018 and December 21, 2018.
The Nadex Compliance Department has deemed it appropriate to fine Saqib Mahmood $18,000.00, and order her to pay disgorgement in the amount of $20,655.25. Additionally, Saqib Mahmood’s Nadex Membership shall be revoked, her account terminated, and she shall be permanently banned from trading on Nadex markets, either directly for her own account, through an intermediary, or as an authorized trader on behalf of any other account.
Nadex notes that, according to its rules:
- No Person shall engage in any activity that presents a risk of harm to Nadex, its Members, or the public.
- No Person shall engage in any activity that adversely affects the integrity of the Market or its underlying systems.
- No Person shall engage in any activity that is intended to, or has the effect of, manipulating the market in violation of Sections 6(c) and 9(a)(2) of the CEA and no Person shall engage in any other activity that would violate the CEA or the Commission’s Regulations.