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For Immediate Release
March 27, 2009
Florida futures firm JMJ Capital Group LLC withdraws from NFA membership
March 27, Chicago - National Futures Association (NFA) has accepted JMJ Capital Group LLC's (JMJ) settlement offer to permanently withdraw from NFA membership. JMJ is a Commodity Pool Operator Member located in Miami, Florida. Joel Garcia and Rafael Carnicer, principals and associated persons (APs) of JMJ, are also barred from NFA membership for a period of ninety days. In the event that Garcia and Carnicer reapply for membership, they must pay a $25,000 fine. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed in December 2008 and a settlement offer submitted by JMJ, Garcia and Carnicer.
The Complaint charged that JMJ failed to prepare, distribute and maintain required records and reports. The Complaint also charged that JMJ, Garcia and Carnicer failed to cooperate in an NFA investigation and failed to supervise JMJ's business operations.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.