Nadex member gets banned after providing false and misleading information

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At a similar action at March 2019, Nadex revoked the membership of Kevin Whylie after an evaluation from Nadex’s Compliance Department disclosed he had been the subject of a Commodity Futures Trading Commission (CFTC) enforcement actions. The CFTC actions against Whylie concerned registration violations, misappropriation of funds, and pool fraud. Because of this, of this CFTC action, Whylie was assessed monetary penalties, and was permanently banned from CFTC registration and from gambling. Whylie violated Nadex Rule 3.3(d) since he neglected to notify the Exchange that he had been subject to regulatory proceedings prior to a Regulatory Agency and that he had his own trading rights suspended.

Back in December 2017, Nadex’s Compliance Department contacted Mr. Nguyen requesting that he provide advice regarding his trading activity on Nadex and relevant financial information. In addition to failing to offer some of the information and documentation in addition, he provided false and misleading information.

After Nadex’s analysis, the Compliance Department concluded that Mr. Nguyen violated the Nadex Membership Agreement Department (h) along with Nadex Rule 3.3(a) (Member Obligations) if he failed to fully react to, or collaborate with, the Compliance Department’s requests for advice.
As a result of his non-compliance using all the Nadex Membership Agreement Department (h), and Nadex Rules 3.3(a) and 5.19(k), Mr. Nguyen has been fined $2,250. His membership has been revoked and he has been permanently banned from trading on the Nadex markets with no means.
In a note published on its website, Nadex explains that Thomas Nguyen has violated several of its own principles.

North American Derivatives Exchange (Nadex), also a subsidiary of IG Group Holdings plc (LON:IGG), has taken disciplinary action against one of its Members within his failure to make certain disclosures. 

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Once he provided false and misleading advice applicable to the analysis of Nadex into his accounts action, nguyen violated the principle.