The National Futures Association has permanently barred from NFA membership True Vector Trading Group, an introducing broker formerly located in Delray Beach, Florida, and its principal James Douglas of Galveston, Texas.

The decision, issued by NFA's business conduct committee, is based on an NFA complaint filed in June 2009.

The committee found that True Vector and Douglas made misleading sales solicitations to customers and had the customers sign blank account opening documents which Douglas completed with inaccurate information.

The committee also found that True Vector and Douglas failed to adequately implement an anti-money laundering programme and failed to supervise True Vector's employees in the conduct of their commodity futures activities.

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