December 6, Chicago - National Futures Association (NFA) has barred Robert F. Gray from NFA membership for a period of ten years. Gray was previously a principal of Forex Liquidity LLC (FXLQ) in Santa Ana, California. FXLQ is a Futures Commission Merchant and Forex Dealer Member of NFA. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in September 2008.
The Hearing Panel found that Gray failed to promptly and fully cooperate with NFA in its investigation of FXLQ's business, willfully provided NFA with false and misleading information, and failed to supervise FXLQ's financial condition.
In December 2007, NFA issued a Member Responsibility Action (MRA) against FXLQ because the firm failed to demonstrate that it met capital requirements and had provided false and misleading information to NFA. See previous press release. Shortly after the issuance of the MRA, the Commodity Futures Trading Commission (CFTC) filed and won an asset freeze against FXLQ. FXLQ is currently under receivership.
The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org).
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