NFA Files Complaint Against Forex Wizard and Mitsuaki Kataoka Over Alleged Misconduct

The National Futures Association (NFA) has issued a formal complaint against Japan-based Forex Wizard Inc. and its principal, Mitsuaki Kataoka. The complaint charges the firm and Kataoka with failing to cooperate with the NFA and violating promotional material requirements by misleadingly describing the regulator's oversight.

Forex Wizard, registered as a Commodity Trading Advisor (CTA) since 2005, is located in Nagano, Japan. Despite reporting to the NFA for years that it did not manage customer accounts and was inactive, the NFA alleges the firm has been accepting customer funds and operating a forex pool. The regulator launched an examination in May 2025 after receiving a complaint from an investor in Malaysia who claimed to be unable to withdraw approximately $500,000.

The NFA states that Kataoka and Forex Wizard failed to cooperate promptly and fully with the investigation. Kataoka reportedly admitted to operating a forex pool with around 40 participants and $1.7 million in assets but claimed it was comprised solely of non-US investors and therefore not reported to the NFA. However, the NFA alleges the firm provided incomplete records and failed to produce requested financial documents.

Furthermore, the complaint details allegations of misleading promotional practices. The NFA claims the firm's websites and materials touted its NFA membership and CFTC registration to imply regulatory oversight for its forex pool, despite Kataoka's assertion that the pool was outside US jurisdiction. The regulator noted that this likely caused investors to wrongly believe their funds were under NFA supervision.