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The National Futures Association has filed a disciplinary complaint against Japan-based Forex Wizard Inc and its principal Mitsuaki Kataoka.
The complaint was issued on Dec. 22, 2025, by the NFA’s Business Conduct Committee and assigned Case No. 25-BCC-012.
Regulators allege the firm operated an undisclosed pooled forex investment while reporting to the NFA that it was inactive.
The NFA claims Forex Wizard violated rules related to cooperation, fair dealing and the use of promotional materials.
Forex Wizard has been registered as a commodity trading advisor and NFA Member since 2005.
For years, the firm reported that it did not manage accounts or conduct forex or commodity interest business.
That status was reflected in the NFA’s public BASIC regulatory database.
The investigation began in May 2025 after a complaint from an investor based in Malaysia.
The investor alleged funds were collected through an entity described as “FXPOOL” or “Forex POOL.”
Withdrawals were reportedly promised within 45 to 60 days.
The investor requested a withdrawal of more than ¥72,500,000, or about $500,000, in February 2025.
Regulators allege the funds were not returned and communication with the firm largely stopped.
Account statements provided to the investor listed a New York City address at 1350 Avenue of the Americas.
Forex Wizard had reported for more than a decade that it was based in Nagano, Japan.
NFA investigators found no evidence of Forex Wizard or Kataoka operating at the New York address.
Attempts to contact the firm using multiple phone numbers were unsuccessful, the complaint said.
Kataoka later told regulators the forex pool was limited to non-US investors.
He said participants were located in Japan, Malaysia, Thailand and Hong Kong.
Kataoka claimed the activity was not disclosed because no US customers were involved.
He told the NFA the firm intended to begin targeting US investors later in 2025.
Records provided by the firm showed about 40 participants and net assets of roughly ¥245,000,000.
That figure equates to approximately $1.7 million as of April 30, 2025.
The NFA said Forex Wizard failed to provide complete and accurate client lists.
The lists did not include the original Malaysian complainant or later investors from Japan.
By August and October 2025, at least three additional investors contacted the NFA.
Those investors reported suspended or heavily delayed withdrawals.
Alleged losses ranged from about $180,000 to several hundred thousand dollars.
Regulators also raised concerns about how Forex Wizard marketed its regulatory status.
The firm maintained a US bank account despite being based in Japan.
When asked for bank records, Kataoka provided only partial statements from 2023.
NFA said key transactions from 2024 and 2025 were left unexplained.
Screenshots of the firm’s websites claimed Forex Wizard was an NFA Member with no violations.
Another site stated the firm was “controlled by the CFTC and a member NFA.
The NFA alleges those statements were misleading and implied US regulatory oversight.
The regulator noted it had warned the firm about similar conduct in 2011 and 2012.
If the allegations are upheld, penalties could include fines of up to $500,000 per violation.
Forex Wizard and Kataoka could also face suspension or expulsion from NFA membership.
The respondents have 30 days to file a formal answer or risk default judgment.