Nadex bans trader for violation of Membership Agreement

North American Derivatives Exchange, Inc. (Nadex), which will soon have a new owner, has published a disciplinary notice as to Nicole Hedrick.

Nadex Compliance sent Nicole Hedrick an email requesting information regarding her deposit patterns, sources of funding, and prior trading experience. The email also requested that she provide complete banking statements for all accounts used to fund her Nadex account. Despite multiple emails providing her with unilateral extensions, she failed to respond or provide the banking statements as requested by Nadex Compliance.

Accordingly, the Compliance Department concluded that Hedrick violated Nadex Rule 3.3(a) and Member Acknowledgements and Authorizations, Section (h) of the Nadex Membership Agreement when she failed to fully cooperate with the Compliance Department’s requests for information. Additionally, by allowing her settlement account balance to become negative, Hedrick violated Nadex Rule 5.19(q).

As a result of the aforementioned violations, the Nadex Compliance Department has deemed it appropriate that Nicole Hedrick’s Nadex Membership be revoked, her account terminated, and she has been permanently banned from trading on Nadex Markets, either directly for her own account or through an intermediary, or as an authorized trader on behalf of any other account.

The effective date of the disciplinary notice is February 18, 2022.

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