The letter points out that the activity it was sanctioned for — the handling of cash residuals and trade break credits from trades resulting from bunched orders that Vision received for clearing from Ace — was discontinued two years prior to charges being filed.
Vision will pay a $1.5 million fine in addition to the $2.053 million in restitution it paid to customers on March 15, 2014. Vision was also ordered to withdraw from NFA membership six months from today’s decision.
This was no small fraud. Coming on the heels in the MF Global debacle, it threatened the entire futures industry structure. One fraud and violation of customers segregated funds is an anomaly, two might be considered a trend.