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June 03, 2009
NFA bars California futures firm Coastline Trading Group LLC and its principal, associated persons
June 3, Chicago - National Futures Association (NFA) has effectively barred Coastline Trading Group LLC (Coastline), an Introducing Broker located in Huntington Beach, California, Michael W. Greenberg, president of Coastline, and Michael P. Melikian, an associated person of Coastline, from NFA membership. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in December 2008 and a settlement offer submitted by Coastline, Greenberg and Melikian.
The Complaint charged that Coastline, Greenberg and Melikian placed unauthorized trades in their customers' accounts and made misleading sales solicitations that downplayed the risk and exaggerated the profit potential of futures trading. The Complaint also charged that Coastline and Greenberg failed to obtain written authorization from customers prior to exercising discretion over their customers' futures accounts.
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