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NFA bars John Marc Schwaebe, orders Glenn Swanson to pay fine

Tuesday, September 18, 2018
Opalesque Industry Update - In two separate developments, the National Futures Association (NFA) barred John Marc Schwaebe, a former associated person, from membership for seven years and ordered Chicago, Ill. introducing broker Global Asset Advisors LLC and its principal Glenn Swanson to jointly pay a $200,000 fine.

NFA has barred John Marc Schwaebe from NFA membership for seven years and from acting as a principal of an NFA Member for nine years. Schwaebe was an associated person (AP) at the Carlsbad, Calif. branch office of an NFA Member introducing broker (IB).

The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Schwaebe. The BCC found that Schwaebe assisted a former NFA Associate in perpetrating a trade allocation scheme.

The BCC also found that Schwaebe failed to comply with the terms of a Member Responsibility Action (MRA) issued by NFA's Executive Committee, by assisting the former NFA Associate in circumventing the restrictions imposed by the MRA.

NFA has ordered Chicago, Ill. introducing broker Global Asset Advisors LLC and its principal and associated person Glenn A. Swanson to jointly pay a $200,000 fine. NFA also ordered Global Asset Advisors' principal and associated person Kenneth S. Packard to pay a $35,000 fine.

The Decision, issued by BCC, is based on a Complaint issued by the BCC, and a settlement offer submitted by Global Asset Advisors, Swanson and Packard.

The BCC found that Global Asset Advisors, Swanson and Packard failed to adequately supervise the firm's operations and its employees to monitor for, and detect, unusual allocation activity and to prevent violations of a Member Responsibility Action issued by NFA.

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