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For Immediate Release
July 27, 2000
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NFA bars Michigan CTA in a Member Responsibility Action
July 27, Chicago - National Futures Association suspended John F. O'Herron from NFA membership until further notice in a Member Responsibility Action taken on July 18, 2000. The MRA also prohibits O'Herron from placing trades or disbursing funds, including but not limited to trading accounts at Cargill Investor Services, Inc., without prior approval from NFA. O'Herron is a sole proprietor commodity trading advisor (CTA) Member of NFA and a principal and associated person of his CTA firm located in Onekama, Michigan.
NFA alleged that O'Herron solicited customers to invest money with him and that he converted customers' money by depositing it in his personal trading account at Cargill. NFA also alleged that he lied to investors by sending them fraudulent account activity statements.
The MRA becomes effective immediately and will remain in effect until O'Herron has demonstrated to the satisfaction of NFA that he is in complete compliance with all NFA Requirements.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.