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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|Digits after the dot in quotes|
|Minimum position size|
|Pip spread on majors||1-3|
|Standard account, $||100|
|Mini account, $||100|
|Other payment methods|
|Popular payment methods||Credit Cards, Wire Transfer, WebMoney|
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.
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
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.