National Futures Association (NFA) has ordered IKON Global Markets, Inc. (IKON), a forex dealer member to pay a fine of $320,000 as a result of an NFA Complaint issued and a settlement offer submitted by IKON and its principal, Diwakar Jagannath.
The Complaint alleged that IKON engaged in certain price slippage practices on the MetaTrader platform that were favorable to IKON and caused disadvantageous trading conditions for certain customers. The Complaint also charged that IKON failed to supervise the MetaTrader platform used for their forex business, and failed to supervise the firm’s operations.
In addition to the fine amount, IKON must provide appropriate refunds to its customers as a result of these asymmetrical slippage practices.
IKON and Jagannath neither admitted nor denied the charges.
This information which is publicly available on NFA’s website has been provided by The White Law Group, LLC.
If you have questions about investments you made with Ikon Global Markets, the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.
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