30 July, AtoZForex.com, Lagos – The National Futures Association (NFA), the self-regulatory organization for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency (forex) and OTC derivatives (swaps) has announced that an emergency enforcement action against Jonathan Parker (Parker).
Jonathan Parker is an NFA Member commodity trading advisor (CTA) located in Woodstock, Ga. The NFA was prompted to take such emergency steps due to discovery that Parker seems to have been running an illicit unregistered commodity pool operator (CPO). The action was therefore taken to protect his clients. Additionally, Parker has failed to produce books and records and cooperate with NFA.
The main reason why the NFA suspends CTA is because the regulator has not been able to fully determine the how approximately $400,000 that he claims to have collected from pool participants has been applied, due to Parker's lack of co-operation with the authorities. Also, how many pool participants exist, and how much Parker collected in total.
The regulator therefore stated that: “Effective immediately, Parker is prohibited from disbursing or transferring any customer funds without NFA's prior approval and is suspended from NFA membership.
This action will remain in effect until such time as Parker has demonstrated to the satisfaction of NFA that he is in complete compliance with all NFA Requirements.”