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For Immediate Release
February 8, 2010

For more information contact:
Larry Dyekman (312) 781-1372,
Karen Wuertz (312) 781-1335,

NFA permanently bars Colorado firm CFS Capital Management LLC and sanctions its principals

February 8, Chicago - National Futures Association (NFA) has accepted CFS Capital Management LLC's (CFS) settlement offer to permanently withdraw from NFA membership. CFS is a Commodity Trading Advisor located in Lakewood, Colorado. Andrew G. Elrod, a principal of CFS, was also ordered to permanently withdraw from NFA membership with no findings that he committed the allegations as charged in an NFA Complaint. Brian G. Elrod, president of CFS and a listed principal, was ordered to withdraw from NFA membership for a period of five years. The Decision, issued by an NFA Hearing Panel, is based on the Complaint filed in June 2009 and a settlement offer submitted by CFS, Andrew Elrod and Brian Elrod. CFS, Andrew Elrod and Brian Elrod's settlement offer neither admitted nor denied the allegations in the Complaint.

The Panel found that CFS and Brian Elrod misused customer funds, submitted false and misleading material to NFA and failed to supervise the firm's futures and foreign currency exchange (forex) operations. Additionally, the Panel found that CFS and Brian Elrod used fraudulent and misleading promotional material and that CFS failed to follow the terms of the firm's disclosure document and management agreement.

Brian Elrod must also pay a fine of $30,000 in the event he reapplies for NFA membership after the five-year bar.

The complete text of the Complaint and Decision can be found on NFA's website (

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