NorthFinance — Forex Broker Rating, Reviews 2020

NorthFinance
Status
Regulation
Software Meta Trader 4
Address

Securities and Exchange Commission v. True North Finance Corp., et al., Civil Action No. 10-cv-3995 (D. Minn., filed Sept. 21, 2010)

Final Judgments Entered Against Distributor and Investment Adviser

The Securities and Exchange Commission announced that on April 15, 2013, a Minnesota federal court entered final judgments by consent against Michael Bozora, Timothy Redpath, Capital Solutions Distributors, LLC (CSD) and Capital Solutions Management, LP (CSM), in a civil injunctive action filed by the Commission on September 21, 2010. Among other things, the judgments order Bozora to pay over $500,000 in disgorgement of ill-gotten gains, Redpath to pay over $600,000 of ill-gotten gains, CSD to pay over $2.8 million of ill-gotten gains, and CSM to pay over $1.3 million of ill-gotten gains, plus pre-judgment interest and civil penalties against each of these Defendants.

The Commission's complaint alleged that forex broker North Finance who owned and controlled CSD, the distributor of the Capital Solutions Monthly Income Fund, and CSM, the Fund's investment adviser, made several written and oral representations to Fund investors that were materially misleading because they claimed the Fund was enjoying success and weathering disruptions in the credit and real estate markets. According to the complaint forex NorthFinance failed to make any meaningful disclosure of the default by the Fund's sole borrower, the Fund's subsequent foreclosure on the borrower's assets, and the resulting loss of any significant investment income to the Fund. The complaint also alleged that Bozora made unsuitable recommendations for investors to purchase a note issued by CS Financing Corporation, an entity at which Bozora served as the President.

The final judgments against Bozora, Redpath, CSD, and CSM imposed permanent injunctions prohibiting these Defendants from violating Sections 17(a)(2) and (3) of the Securities Act of 1933.

The final judgments also ordered: i) Bozora to pay disgorgement of $538,529 and prejudgment interest of $76,236, and a $130,000 civil penalty; (ii) Redpath to pay disgorgement of $606,424 and prejudgment interest of $79,545, and a $130,000 civil penalty; (iii) CSD to pay disgorgement of $2,819,015 and prejudgment interest of $408,585, and a $130,000 civil penalty; and (iv) CSM to pay disgorgement of $1,342,581 and prejudgment interest of $166,896, and a $130,000 civil penalty.

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NorthFinance Trading Terms and Conditions

WWW
Address
Headquarters
Free phone
Digits after the dot in quotes
Minimum position size
Spread Type
Pip spread on majors 1-3
Leverage 500:1
ECN, $
Standard account, $ 100
Mini account, $ 100
Other payment methods
Popular payment methods Credit Cards, Wire Transfer, WebMoney
Account currencies
Other instruments
Other languages
Languages
Platforms MetaTrader 4
Broker type
Regulation not regulated
Foundation 2006
NorthFinance

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