NFA Alleges Forex Wizard Misled Investors and Delayed $500K Withdrawal
What Is the NFA Alleging?
The National Futures Association has filed a disciplinary complaint against Japan-based Forex Wizard Inc. and its principal, Mitsuaki Kataoka, accusing them of running an undisclosed forex pool, delaying investor withdrawals, and failing to cooperate with regulatory requests. The complaint, dated December 22, 2025, was issued by NFA’s Business Conduct Committee and assigned Case No. 25-BCC-012.
According to the filing, NFA believes Forex Wizard and Kataoka violated multiple NFA rules related to , fair dealing, and the use of promotional materials. The case centers on allegations that the firm operated a pooled that it was inactive and not conducting any customer business.
Forex Wizard has been registered as a since 2005 and approved as an NFA Member. For years, however, the firm reported that it did not manage accounts or engage in forex or commodity interest activity. NFA’s public BASIC database reflected that status.
Investor Takeaway
How Did the Alleged Scheme Come to Light?
NFA’s inquiry began in May 2025 later than receiving a complaint from an investor in Malaysia. The investor alleged that Forex Wizard and Kataoka had collected funds through an entity described as “FXPOOL” or “Forex POOL,” with withdrawals promised within 45 to 60 days.
The investor claimed that later than requesting a withdrawal of more than ¥72,500,000—roughly $500,000—in February 2025, the funds were not returned and communication from the firm largely stopped. The account statement provided to the investor listed a New York City address at 1350 Avenue of the Americas, despite Forex Wizard having reported for more than a decade that it was based in Nagano, Japan.
When NFA investigators visited the New York address, they found no evidence of Forex Wizard or Kataoka operating there. Attempts to contact the firm through several phone numbers also failed, raising questions about the accuracy of the information provided to investors.
What Did Regulators Find During the Examination?
Kataoka later told NFA that Forex Wizard had operated a forex pool limited to non-US investors from Japan, Malaysia, Thailand, and Hong Kong, and therefore had not been disclosed to the regulator. He said the firm had no US customers but intended to begin targeting Americans later in 2025.
Records submitted by the firm suggested the pool had about 40 participants and net assets of roughly ÂĄ245,000,000, or around $1.7 million, as of April 30, 2025. NFA, however, said Forex Wizard failed to provide full and accurate client lists needed to confirm whether US customers were involved.
Notably, the lists did not include the Malaysian complainant or later complainants from Japan and other jurisdictions. By August and October 2025, at least three additional investors contacted NFA reporting suspended or heavily delayed withdrawals, with alleged losses ranging from about $180,000 to several hundred thousand dollars.
Investor Takeaway
Why Is Marketing and Disclosure a Key Issue?
The complaint also raises concerns about how Forex Wizard described its regulatory status. Although the firm is based in Japan, it maintained a Capital One NA bank account in the United States. When NFA requested bank records for 2024 and 2025, Kataoka provided only partial statements from 2023, leaving key transactions unexplained.
Regulators also examined the firm’s online presence. NFA said it was unable to access the myfxpool.com website identified by investors because Forex Wizard did not provide login credentials. Screenshots later submitted by an investor showed Japanese-language content stating that Forex Wizard was an NFA Member with a “zero record” of past violations and linking to NFA’s BASIC system.
Another site, fxwiz.info, reportedly claimed in red text that the firm was “controlled by the CFTC and a member NFA.” NFA alleges this language was misleading and could lead investors to believe the forex pool itself was under US .
The complaint notes that NFA had warned Forex Wizard in 2011 and again in 2012 about misrepresenting regulatory supervision. Despite those warnings, NFA now alleges similar conduct continued.
What Are the Potential Consequences?
If the allegations are upheld, Forex Wizard and Kataoka could face penalties ranging from censure and fines of up to $500,000 per violation to suspension or expulsion from NFA membership. The case could also lead to statutory disqualification under the , potentially barring Kataoka from future registration in the US derivatives industry.
The respondents have 30 days to file a formal answer. Failure to do so would be treated as an admission of the allegations and a waiver of their right to a hearing.
