NorthFinance — Forex Broker Rating and Review 2020

NorthFinance
Status
Regulation
Trading software Meta Trader 4
Headquartered

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 information

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

I've used them as my first broker. Nothing special. Fx division was based in Cyprus. Migrated to Fxpro. The main reason i left them was that they didn't accept us customers. Therefore, for serious trading i decided to work with broker that strongly regulated. At least by NFA and located here in the US. It doesn't mean my fx experience was pure with northfinance but i had never traded big volumes. It is a main reason not to be sure in excellence of this fx broker among others. I also found a notice in my emails that Cyprus government issued prohibition for NF to operate in Cyprus.

Lewis R   28 July, 2016  

YES,they a scammer.I want to start my trade and sent my monet to my NF account.But still not funded yet.almost a month,and their answer is wait.They stole my money.Even just USD100

ajilah   23 January, 2008  

I AM NEW TO FOREX AND I WANT A DEPENDABLE BROKER. CAN ANYBODY RECOMMEND A GOOD ONE FOR ME.

SALAU   7 January, 2008  

I mean NOV. 23 & 29 2007 not DEC.

Lloyd   18 December, 2007  

Never receive my first 2 withdrawal requests $300 and $150 cant even pay me those amount since dec. 23 & 29. I think they have descrimination on a christian trader. All of their swift copies they provide are false transactions. Scammers!!!!! I guess this firm is going bankruptcy. DONT INVEST HERE>>>> northfinance.com if you dont want to lose your money.

Lloyd   18 December, 2007  

I have no problems with this broker. Support is good, Withdrawl very fast ! Only positive to say! and 1:500 leverage.

Dani   15 December, 2007  

total scam. slow oder excecution. keep away from valotile market they will add +10 pips to your spread during volatile times. they requote often. really bad excecution. NF is a russian firm. And I am from Russia too. And I know who they are. They conceal that they are russians, because they don't want their clients to know it. Wescap is also a russian broker. In my country a lot of firms close their activity as soon as they get good money. That is why I try to trade with european and american brokers. And all these good words above are NF staff's words.

Gekut   18 November, 2007  

I REALLY LIKE NORTH FINANCE BECOS THEY HAVE NOT FUCK ME UP FOR ONCE . BUT THEY DELAY MARKET WATCH AFTER THE EVENT THEY WILL NOW SHOW YOU .

GBOLAHAN   2 November, 2007  

the previous post is like "me no English" and "me no understand what am I talking about"

cheez, make a bit of research or ask some one if you cant figure it out what happens around you ))

NF, you guys are the best out there, and least stop hunting! And there is for sure a reason for not being regulated..
"not regulated, BETTER than most NFA regulated"

lol   30 October, 2007  

THESE GUYS ARE NOT REGULATED>THEIR CHARTS FREEZES UP EACH TIME YOU WANT TO MAKE IMPORTANT DECISIONS.THEIR CUSTOMER CARE IS CONTRACTED OUT SO AS TO HIDELTHE DUBIOUS RUNNING OF THEIR BROKERAGE SERVICE .FROM MY EXPERIENCE WITH THEM ITS NO USE TO HAVE BIG AMOUNT OF MONEY WITH THEM>THEY CANT BE LEGALLY HELD RESPONSIBLE FOR FRAUD COS THE BELIZE GOVT HAVE ISSUED A WARNING TO THIS EFFECT.

REX MILLIONS   22 October, 2007  
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