Ipam banned for audit failures

- By FX Markets Staff
- @FXMarkets_
- 02 Nov 2009

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Ipam, which has acted as an introducing broker for firms such as FXCM, was also banned from acting as a principal of an NFA member. The penalty follows the broker's failure to provide the self-governing industry body with documents relating to its operations, including marketing material in which it had allegedly touted foreign exchange returns of up to 75%.

An NFA review of accounts obtained from FXCM, however, showed Ipam's accounts had suffered annual losses of up to -73%. Ipam introduced

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