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March 30, 2006
NFA permanently bars Michigan commodity pool operator and suspends firm's principal
March 30, Chicago - National Futures Association has permanently barred from membership Gayle Commodities, Inc., a commodity pool operator located in Southfield, Michigan, and prohibited Harry D. Hirsch, the firm's principal and an Associate Member of NFA, from applying for NFA membership for a period of one year, commencing April 1, 2006. The Decision, issued by NFA's Hearing Committee, is based on the charges contained in an NFA Complaint filed in November 2005, and a settlement offer submitted by Gayle and Hirsch.
The NFA Complaint charged that Gayle and Hirsch failed to prepare, and distribute to pool participants, certified financial statements for 2003 and 2004 for The Hirsch Fund LLC, a commodity pool which Gayle Commodities operated. The complete text of the Complaint and Decision can be found on NFA's Web site (www.nfa.futures.org).
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