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Politics and Policy

NFA - National Futures Association

04/11/2024 | Press release | Distributed by Public on 04/12/2024 04:54

DECISION IN DISCIPLINARY CASES (50.AI Investments LLC and Hemant Jindal)

Case Documents:

Amended Answer Amended Complaint Amended Decision Amended Notice Of Intent Amended Notice Of Member Responsibility Action Answer Appeals Committee Decision Cftc Decision Cftc Order Circuit Court Appeal Complaint Decision Federal Court Order Final Order Interim Order Nfa Reply Notice Notice And Order Lifting Member Responsibility Action Notice And Order Lifting Suspension Of Membership Notice And Order Of Suspension Notice Of Appeal Notice Of Associate Responsibility Action Notice Of Intent Notice Of Member Responsibility Action Notice Of Suspension Of Membership Notice Of Termination Of Ara Notice Of Termination Of Member Responsibility Action Order Order Denying Petition Order Lifting Conditions Order Of Dismissal Petition To Stay Response To Amended Notice Of Intent Response To Notice Of Intent Withdrawal Of Notice Of Intent

Narrative Summary:

COMPLAINT:

On December 21, 2023, NFA's Business Conduct Committee (BCC) issued a Complaint against 50.AI Investments LLC (50.AI Investments) an... d Hemant Jindal (Jindal). The Complaint charged 50.AI Investments and Jindal with using misleading promotional material and communications, acting contrary to just and equitable principles, and failing to supervise.

DECISION:

On April 11, 2024, NFA's BCC issued a Decision accepting 50.ai Investments and Jindal's settlement offer and ordered 50.ai Investments not to reapply for NFA membership or act, or be listed, as a principal of an NFA Member at any time in the future; and ordered Jindal not to apply for NFA membership, reapply for NFA associate membership, or become or act as a principal of an NFA Member for 30 months. The BCC further ordered Jindal to pay a $50,000 fine if he seeks NFA membership or principal status following the expiration of the 30-month period.Read More.

Rule Type:

C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK
C.R.2-29(f) - FILING PROMO MATERIALS W/ NFA
C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR
C.R.2-9(a) - SUPERVISION OF EMPLOYEES
C.R.2-29(c)(1) - HYPOTHETICAL PERFORMANCE RESULTS DISCLAIMER
C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS
C.R.2-36(c) - FOREX DEALER MEMBERS OBSERVE HIGH STDS OF COMMERCIAL HONOR
C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES
C.R.2-39 - SOLICITING, INTRODUCING, OR MANAGING OFF-EXCHANGE RETAIL FOREX TRANSACTIONS OR ACCOUNTS
C.R. 2-2(a) - DEFICIENT SALES PRACTICES
C.R. 2-29(b)(1) - USE OF DEFICIENT PROMO MATERIAL
C.R. 2-29(b)(2) - USE OF DEFICIENT PROMO MATERIAL
C.R. 2-29(a)(1) - DEFICIENT SALES SOLICITATIONS
C.R.2-36(g) - FILING PROMOTIONAL MATERIALS WITH NFA

Committee:

Business Conduct Committee

Action Type(s):

GENERAL CONDUCT
SALES PRACTICE

Penalty/Event:

ORDERED NOT TO REAPPLY FOR NFA MEMBERSHIP
ORDERED NOT TO ACT AS PRINCIPAL OF AN NFA MEMBER

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