New World Holdings, LLC, a Chicago-based introducing broker, will pay $50,000 for failing to maintain business records, the Commodity Futures Trading Commission said Tuesday. In addition to imposing a fine, federal judge Robert W. Gettleman permanently prohibited the broker, which is also a commodity trading advisor, from violating Section 4g(a) of the Commodity Exchange Act and 1.35(a). New World Holdings consented to the order, in which Gettleman found that the firm introduced an account in the name of Idylic Solutions Pty Ltd., an Australian entity, to a futures commission merchant, as well as pooled accounts from the same individuals who opened the account or associated with them. Although over $21 million was deposited into the Idylic and the pooled accounts, New World failed to retain all the business records related to the accounts and its business of dealing in commodity futures and options, and cash commodities, including emails prepared in the course of its business,
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