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For Immediate Release
July 19, 2013
NFA permanently bars Sacramento, California commodity trading advisor ABL Traders Trading Group and sanctions its principal, Abdul Latona
July 19, Chicago - National Futures Association (NFA) has permanently barred ABL Traders Trading Group (ABL), a commodity trading advisor Member of NFA located in Sacramento, California, from NFA membership. NFA has also permanently barred ABL's principal, Abdul Latona (Latona) from acting as a commodity trading advisor and from managing or directing any customer accounts. In addition, Latona is suspended from NFA membership, associate membership and from acting as a principal of an NFA Member for a period of seven years. The Decision, issued by a designated panel (Panel) of NFA's Hearing Committee, is based on a Complaint filed against ABL and Latona on November 6, 2012, and a hearing held on March 20, 2013.
The Panel found that ABL and Latona provided false and misleading information to NFA. In particular, the Panel found that Latona included untrue information in the disclosure documents he submitted to NFA on behalf of ABL; misrepresented the truth to NFA when he told NFA staff that he never held any powers of attorney over customer trading accounts; and misrepresented the truth to NFA when he told NFA staff that he did not have any other proprietary trading accounts other than the one identified in ABL's disclosure document.
If, after the conclusion of Latona's seven-year suspension, Latona applies for NFA membership or to be a principal of an NFA Member firm, then he must pay a fine of $40,000 within 30 days of the date on which he is granted NFA membership or principal status.
ABL and Latona may appeal the Panel's Decision to NFA's Appeals Committee by filing a written notice of appeal within 15 days of the date of the Decision.