Nadex Bans Husband and Wife Over Money Pass Scheme

[kreslik.news]

A husband and wife have been banned for life from Nadex, the North American Derivatives Exchange, for operating a money-pass scheme to improperly transfer funds, according to a disciplinary notice issued on Friday.

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James Groves and his wife Georgiana Chiuc electronically executed numerous non-competitive transactions at Nadex on May 10, 2016. James is allegedly caused losses at his client’s accounts to benefit Chiuc in a so-called money pass scheme.

Money pass involves making simultaneous buy and sell orders without incurring any market risk. Specifically, the exchange found that the family ... (read more)