Commodity Futures & Options Service, Inc., a Houston-based introducing broker, has been permanently barred from the National Futures Association. The ban stems from an NFA complaint filed last year and a settlement offer submitted by the Texas broker and Bryan L. Wright, one of its principal who also was barred from the association (for five years). If he wants to reapply for membership after the ban, he will have to pay a $10,000 fine.
According to the NFA Hearing Panel, which issued the bars, CF & O failed to maintain the mandatory minimum adjusted net capital, did not submit telegraphic notice that it was under the requirement, neglected to keep accurate financial records, as well as records that correctly identified CF & O’s capital sources, did not list specific individuals and entities as CF & O principals, and, along with Wright, inadequately supervised the Houston broker’s operations.
Prior to the Bar, CF & O had been a member of the NFA since April 1988.
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Read the Complaint (PDF)