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January 26, 2000
For more information contact:
Laura M. Oatney
(312) 781-1370 or
NFA expels International Futures Brokerage Company and fines its principal
January 26, Chicago - National Futures Association expelled International Futures Brokerage Company and fined Robert J. Pelaez $75,000 after a hearing. NFA also barred Pelaez from association with and from acting as a principal of any NFA Member for a period of three years. IFBC is an introducing broker (IB) Member of NFA located in Studio City, California. Pelaez is a former principal of IFBC. Pelaez and IFBC submitted an Answer to the Complaint issued against them, denying the material allegations.
A designated Panel of NFA's Hearing Committee found that IFBC and Pelaez failed to observe high standards of commercial honor and just and equitable principles of trade by entering into a conspiracy to open accounts and generate futures business based on a misleading infomercial.
IFBC filed a Notice of Appeal of the Hearing Panel's Decision.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.