The National Futures Association (NFA) has permanently barred Cal Financial Corporation (Cal Financial), a Futures Commission Merchant, Commodity Pool Operator and Forex Dealer Member located in Thousand Oaks, California. NFA also ordered John A Indelicato, Cal Financial's principal and a registered associated person of NFA, to pay a fine of USD12,000.
The decision, issued by an NFA Hearing Panel, is based on a Complaint filed in March 2007 and a settlement offer submitted by Cal Financial and Indelicato.
The complaint charged that Cal Financial failed to implement an adequate anti-money laundering program and failed to file financial statements in a timely manner. The complaint also charged that Cal Financial and Indelicato failed to supervise Cal Financial's employees. The Panel found that Indelicato failed to diligently supervise Cal Financial's employees and its agents in their conduct of foreign currency (forex) futures and options activities.