NFA Sanctions Firm for Deceptive Practices and Submitting False Information

An NFA hearing panel found that an NFA Member / introducing broker ("IB") (i) made "misleading, deceptive and high-pressure" sales solicitations, (ii) willfully submitted false information to the NFA and (iii) failed to supervise diligently the operations and employees of the firm. The panel also found that the IB and three individuals, including the firm’s sole principal, violated NFA Compliance Rules 2-2(a), 2-29(a)(1) and (2), 2-4, and 2-9. The NFA barred the firm from membership permanently and imposed various membership sanctions on the individuals involved.