The National Futures Association (NFA) has permanently barred Strategic Trading Associates, a New York-based commodity trading adviser, and temporarily barred Francis Littleton, a principal and associated person of the firm.
The action is a result of an NFA complaint filed 11 September and a settlement offer submitted by STA and Littleton.
The complaint, issued by NFA’s Business Conduct Committee, alleged that STA violated several NFA requirements, including: acting as a commodity pool operator without registration, acting as a forex firm without NFA approval, failing to file required pool reports, failing to file disclosure documents, using misleading promotional material, failing to properly present and support hypothetical performance, failing to supervise the use of promotional material, failing to withdraw an inactive principal-AP in a timely manner, and failing to have any individual who was both a bona fide principal and an AP of the firm.
The complaint also charges STA and Littleton with failing to supervise.
Additionally, Littleton, who has no current status with NFA, is prohibited from applying for NFA associate membership for two years and NFA membership or principal status with any NFA Member for five years. Littleton also agreed to pay a USD5,000 fine before applying to NFA in any capacity once his membership bars have expired.
Neither STA nor Littleton admitted or denied the charges.
