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For Immediate Release
January 21, 2010
NFA permanently bars Chicago commodity pool operator, Wextrade Commodity Managers LLC
January 21, Chicago - National Futures Association (NFA) has accepted a settlement offer from Wextrade Commodity Managers LLC (WCM) to permanently withdraw from NFA membership. Paul J. Adrian, WCM's principal, is barred from NFA membership for a period of three years. WCM is a Commodity Pool Operator located in Chicago, Illinois. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in May 2009 and settlement offers submitted by WCM and Adrian.
The Complaint charged that WCM and Adrian failed to supervise the firm and its commodity futures activities. Additionally, the Complaint charged that WCM commingled the pool's assets, received funds in unauthorized names or accounts and failed to provide required information to NFA. The Complaint also charged that WCM used deceptive promotional material and failed to review the promotional material prior to its use. Finally, the Complaint charged that WCM failed to register an associated person and failed to list a principal.
In the event that Adrian reapplies for NFA membership or associate membership or principal status with any NFA Member after the three-year bar, he must pay a fine of $50,000.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.