The National Futures Association (NFA) filed a complaint on Sept. 11, against Vision Financial Markets, its COO Steven Silver and Vision AP Bruce Newman related to its relationship with Commodity Trading Advisor (CTA) Ace Investment Strategists LLC and its owner Yu Dee Chang.
Vision, Silver and Newman are charged with three counts of violating NFA rules including failure to supervise, failure to keep adequate records and failure to observe high standard of commercial honor and just and equitable principles of trade.
The complaint points out that Vision “has had a long history of supervisory issues during its tenure as an NFA Member. ln fact, it has been the subject of four prior NFA Complaints – three of which charged the firm with failing to diligently supervise various aspects of the firm’s operations.”
The respondents in this complaint could face expulsion or suspension for a specified period from NFA membership; bar or suspension for a specified period from association with an NFA Member; censure or reprimand or a monetary fine not to exceed $250,000 for each violation found.