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May 22, 2007
NFA suspends principal of Florida futures firm and principal of a former New York forex dealer
May 22, Chicago - National Futures Association (NFA) has suspended Patrick J. Driscoll, a principal and sole associated person (AP) of FX Option1, Inc., from NFA membership for a period of one year. FX Option1, Inc. is a Futures Commission Merchant (FCM) located in Aventura, Florida. The Decision, issued by NFA's Business Conduct Committee, is based on the Complaint filed in March 2007.
The Committee found that Driscoll failed to cooperate with NFA's investigation of FX Option1, Inc. Additionally, the Committee found that Driscoll failed to attend a scheduled meeting with NFA to discuss FX Option1, Inc. and failed to produce books and records that were requested by NFA regarding FX Option1, Inc.
Along with the suspension, NFA ordered Driscoll to pay a fine of $5,000. At the expiration of the suspension if Driscoll again becomes an NFA Member, he must first cooperate with NFA's requests regarding FX Option1, Inc.
In a separate Decision, NFA suspended Zachary Kholostoy from NFA membership for a period of one year. Kholostoy was a principal of Spencer Financial LLC (Spencer), a former FCM and Forex Dealer Member, located in New York City. The Decision, issued by an NFA Hearing Panel, is based on the Complaint filed in August 2006 and the settlement offer submitted by Kholostoy. The Panel found that Kholostoy failed to adequately supervise Spencer's activities. This Decision concludes the Complaint against Spencer and its principals. See previous press release.
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