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Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org
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NFA suspends Introducing Broker, Global Elite Group and its principal, Henrek Lalaian

June 11, Chicago - National Futures Association (NFA) has suspended Global Elite Group (Global) and its principal, Henrek Lalaian, from NFA membership for a period of two years. Global is a former Introducing Broker located in Los Angeles, California. The Decision, issued by an NFA Hearing Panel, is based on the Complaint filed in August 2006.

The Panel found that Global and Lalaian failed to diligently supervise their employees to ensure their compliance with the conditions of a previous Decision issued by NFA's Telemarketing Procedures Waiver Committee in November 2005. These conditions required Global and Lalaian to: tape record telephone conversations that occurred between their associated persons (APs) and customers, maintain a daily log of customer sales solicitations, promptly produce all conversations to NFA in relation to specific APs and conversation dates, and have written supervisory procedures with respect to these enhanced requirements.

In addition to the two-year suspension, Lalaian may not act as a principal of any NFA Member for five years and is permanently barred from acting in a supervisory capacity for any NFA Member. If, at the expiration of the suspension, Lalaian applies to be an NFA Member, he must pay a fine of $50,000.

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