Federal Court Fines TFS-ICAP with $7 Million for Deceptive Trading Practices

The US Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Southern District of New York has ordered TFS-ICAP LLC and TFS-ICAP Ltd to pay a $7 million civil monetary penalty.

The two interdealer brokers are accused of representing to clients bids and offers that had not been made and communicating to clients trades that had not occurred.

The order also finds that TFS-ICAP, its former CEO Ian Dibb, and its former Emerging Markets desks head Jeremy Woolfenden failed to supervise diligently TFS-ICAP broker conduct.

​Dibb and Woolfenden are each subject to a $500,000 civil monetary penalty for their individual supervisory failures and have both agreed to not apply for registration or claim exemptions from registration with the CFTC in any capacity, or engage in any activity requiring such registration or exemption from registration with the CFTC, for five years.

“Brokers and other intermediaries play a critical role in our markets. The CFTC will act to ensure that these entities communicate and report honest and accurate pricing information to protect the integrity of the markets,” said CFTC Acting Director of Enforcement Vince McGonagle. “We are also committed to holding corporate managers who have regulatory supervisory responsibilities accountable to ensure policies and procedures are in place that would have prohibited, and could have deterred, unlawful conduct from occurring.”