The US National Futures Association (NFA) has ordered VBI Company, a former NFA Member introducing broker headquartered in Sioux Falls, S.D., not to reapply for NFA membership or apply for principal status with an NFA Member at any time in the future.

NFA has also ordered Peter Mark Vanden Berge, a former associated person and principal of VBI, not to apply for NFA membership or reapply for NFA associate membership or principal status with an NFA Member for six months.

The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA’s Business Conduct Committee (BCC) and a settlement offer submitted by VBI and Vanden Berge, in which they neither admitted nor denied the allegations in the Complaint.

In the Complaint, the Committee alleged that VBI failed to maintain all required pre-trade communications, in violation of NFA Compliance Rule 2-10(a) and, together with Vanden Berge, failed to diligently supervise the firm, in violation of NFA Compliance Rule 2-9(a).

In its Decision, the NFA Hearing Panel found that Vanden Berge committed the violation alleged against him in the Complaint.

In February 2023, NFA announced the imposition of a $135,000 fine on VBI Company and Berge for similar violations.