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For Immediate Release
June 12, 2012

For more information contact:
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA takes emergency enforcement action against Louisiana firms, Level III Management LLC and Level III Trading LLC, and their principal

June 12, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Level III Management LLC (L3M), Level III Trading LLC (L3T), and the firms' listed principal and associated person (AP), Bruce A. Gwyn. L3M is a commodity pool operator and commodity trading advisor and L3T is an introducing broker. Both NFA Member firms are located in Metairie, Louisiana.

NFA has taken the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) because it appears that L3M and Gwyn have misappropriated investors' funds and misled customers regarding the value of their investments in Level III Trading Partners LP (The Fund), which is a commodity pool operated by L3M. L3M and Gwyn also invested the pool participants' assets in several investment ventures without adequately disclosing the investments' risky nature and Gwyn's relationship to them. Additionally, L3M and Gwyn have failed to cooperate with NFA's investigation by refusing to make Gwyn available in person to answer questions about L3M's and L3T's activities and by failing to produce requested records regarding some of the Fund's investments.

Effective immediately, L3M, L3T, and Gwyn are suspended from NFA membership and associate membership, respectively, until further notice. L3M, L3T, and Gwyn are prohibited from soliciting or accepting any funds from any customers, including in The Fund, or placing any trades. L3M, L3T and Gwyn are also prohibited from disbursing or transferring any funds over which they or any person acting on their behalf exercises control without prior NFA approval. L3M, L3T and Gwyn may request a prompt hearing before NFA's Hearing Committee.

The complete text of the MRA/ARA is available on NFA's website (www.nfa.futures.org).

The following Compliance staff members are responsible for this case: Joy Bond, Manager (312-781-1208), and Peter Comes, Field Supervisor (312-781-1674).

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.
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