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NFA's Board of Directors elects Christopher Hehmeyer to serve as Chairman: At a critical moment in history, well-known industry participant Chris Hehmeyer named chairman of the futures industry self-regulatory association

Tuesday, March 20, 2012

NFA's Board of Directors elects Christopher Hehmeyer to serve as Chairman

February 22, Chicago - The Board of Directors of National Futures Association (NFA) has elected Christopher K. Hehmeyer, Non-Executive Chairman at Penson Futures, to serve a one-year term as Chairman. The Board also elected Paul J. Georgy, President of Allendale, Inc., to serve as Vice Chairman.

Mr. Hehmeyer replaces former NFA chairman Richard Faulkner, president of JP Morgan Futures.

In addition, the Board re-elected the following individuals to serve two-year terms as public directors:

  • Ronald H. Filler, Professor of Law and Director of the Center on Financial Services Law at New York Law School;
  • Douglas E. Harris, Managing Director, Promontory Financial Group LLC;
  • Michael H. Moskow, Vice Chairman and Senior Fellow on the Global Economy, The Chicago Council on Global Affairs;
  • Todd E. Petzel, Chief Investment Officer, Offit Capital Advisors LLC; and
  • Susan M. Phillips, Former Chairman, Commodity Futures Trading Commission and former dean of the School of Business at George Washington University.

The Board also elected the following individuals to serve one-year terms on NFA's Executive Committee:

  • Bruce L. Cleland, Campbell & Company, Inc.;
  • George E. Crapple, Millburn Ridgefield Corp.;
  • Michael C. Dawley, Goldman Sachs & Co.;
  • Paul J. Georgy, Allendale, Inc.;
  • David S. Goone, InterContinental Exchange, Inc.;
  • Douglas E. Harris, Promontory Financial Group LLC;
  • Charles P. Nastro;
  • Todd E. Petzel, Offit Capital Advisors LLC;
  • Susan M. Phillips, Former Chairman, Commodity Futures Trading Commission and former dean of the School of Business at George Washington University;
  • John F. Sandner, CME Group Inc.

Mr. Hehmeyer also serves on the Executive Committee and NFA's President Daniel Roth serves as an ex officio non-voting member of the Committee.
The following individuals were elected by their membership categories to serve two-year terms on the Board of Directors:

  • Futures Commission Merchants: Gerald F. Corcoran, Chief Executive Officer, R.J. O'Brien & Associates, Inc.; Scott A. Cordes, President, Country Hedging,Inc.; and Michael C. Dawley, Managing Director, Goldman Sachs & Co.
  • Introducing Brokers: Paul J. Georgy, President, Allendale, Inc.
  • Commodity Pool Operators and Commodity Trading Advisors: Douglas L. Bry, President, Northfield Trading L.P. and Ernest L. Jaffarian, President and CEO, Efficient Capital Management, LLC.

A complete list of NFA's Board of Directors and its various committees can be found on NFA's website.

NFA is the independent provider of regulatory programs that safeguard the integrity of the derivatives markets.

NFA permanently bars Texas Commodity Trading Advisor FIN FX LLC and its principal, Leon L. Wolmarans

March 7, Chicago - National Futures Association (NFA) has permanently barredあFIN FX LLCあ(FIN FX) from NFA membership and its principal,あLeon L. Wolmarans. FIN FX was a Commodity Trading Advisor in Carrolton, Texas and NFA Member firm since December 2007. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in August 2011 and a settlement offer submitted by FIN FX and Wolmarans.

The Complaint charged that FIN FX and Wolmarans failed to promptly and fully cooperate with NFA in its investigation of FIN FX's business, used false and misleading promotional material, and posted trading results on FIN FX's website for which they could not provide support.

In April 2011, NFA issued a Member Responsibility Action (MRA) which suspended FIN FX and Wolmarans from NFA membership because the firm attempted to solicit customers with false and misleading information, including deceptive performance claims on FIN FX's website. Additionally, FIN FX and Wolmarans provided misleading information to NFA and failed to cooperate with NFA in its examination of the firm by failing to provide information and produce records requested by NFA. See previousあpress release.

The complete text of theあComplaintあandあDecisionあcan be found on NFA's websiteあ(www.nfa.futures.org).

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

NFA sanctions Florida firm FX Currency Traders and its principal, Jacob N. Martinez

March 2, 2012, Chicago - National Futures Association (NFA) has orderedあFX Currency Traders, Inc., a former forex firm and introducing broker (IB) located in Lake Mary, Florida, not to reapply for NFA membership or act as a principal of an NFA Member. In addition, NFA has ordered the firm's principal and sole owner,あJacob N. Martinezあ(Martinez), not to reapply for NFA membership for a period of three years and to pay a $150,000 fine to NFA in the event he reapplies for NFA membership after the three-year period expires. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in October 2011 and a settlement offer submitted by FX Currency Traders and Martinez.


The Complaint alleged that FX Currency Traders conducted business with a non-NFA Member, Market Traders Institute, which was required to be registered as an IB with the Commodity Futures Trading Commission (CFTC) but was not. The Complaint also alleged FX Currency Traders failed to carry out its supervisory duties to ensure that Market Traders Institute did not use misleading and deceptive promotional material to generate customer leads. The Complaint charged Martinez with failing to adequately supervise FX Currency Traders' operations by, among other things, allowing FX Currency Traders to engage in impermissible business activity with Market Traders Institute and manipulating FX Currency Traders' financial books and records to make it appear as though the firm was complying with its minimum capital requirement.
The complete text of theあComplaintあandあDecisionあis available on NFA's websiteあ(www.nfa.futures.org).

NFA takes emergency enforcement action against Texas firm J Hansen Investments LLC and its principal, Jonathan Hansen

February 27, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action againstあJ Hansen Investments LLCあ(JHI) and its principal,あJonathan Hansenあ(Hansen). J Hansen Investments is an NFA Member commodity pool operator located in Houston, Texas and Hansen is also an NFA Associate.
NFA has taken the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) because JHI and Hansen failed to cooperate with NFA's examination of the firm. NFA commenced an unannounced examination of JHI after the firm filed its annual questionnaire with NFA which indicated that the firm was operating a commodity pool even though JHI had not listed any commodity pools with NFA, had never filed a disclosure document with NFA and does not have any Commodity Futures Trading Commission exemptions listed with NFA. Since JHI and Hansen have failed to cooperate with NFA, NFA is unable to determine definitively the source of funds in the customer trading accounts and pool, the source of funds in the trading accounts in Hansen's and JHI's names, respectively, where the customer trading accounts and pool are held, or how many commodity pool participants might exist.

Effective immediately, JHI and Hansen are suspended from NFA membership and associate membership. In addition, they are prohibited from placing trades in any accounts and from distributing or transferring any customer funds.

JHI and Hansen may request a hearing before NFA's Hearing Committee.

The complete text of theあMRA/ARAあis available on NFA's website (www.nfa.futures.org).



 
This article was published in Opalesque Futures Intelligence.
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