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January 12, 2007
NFA suspends principal of Florida futures firm
January 12, Chicago - National Futures Association (NFA) has temporarily barred George O. Allende from membership for a period of six months. The Decision issued by NFA's Hearing Panel is based on a Complaint issued on July 21, 2005 and the settlement offer submitted by Allende. The Hearing Panel found that Allende, formerly a principal and associated person (AP) of Financial Risk Investments (FRI) located in Fort Lauderdale, Florida, made a deceptive and misleading sales solicitation.
If Allende becomes an NFA Member, following the six month suspension, he and any Member of which he is a principal, are required to tape record all conversations with customers or potential customers for a period of six months.
The complete text of the Complaint and Decision can be found on NFA's Web site (www.nfa.futures.org).
This Decision follows recent enforcement actions taken against FRI and its APs and principals. Previously, on November 13th, 2006, NFA temporarily barred FRI from membership for a period of three years.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.