US NFA bans forex broker

Abstract

The US National Futures Association (NFA) has slapped a five-year ban on Cani Financial Advisors and its principal, Scott Raybin, as it continues to crack down on fraudulent foreign exchange brokers. The penalty follows Cani's failure to list its chief investment officer, Fred Smilek, as an additional principal in its NFA registration. Cani was also penalized for failing to uphold commercial honor and standards after it borrowed around $1.2 million through promissory notes, without evidence of ability to repay the loans.