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May 19, 2010
NFA accepts offer from California firm Integrity FX LLC and one of its principals to permanently withdraw from NFA membership
May 19, Chicago - National Futures Association (NFA) has accepted a settlement offer from Integrity FX LLC (IFX) and one of its principals, Luke M. Coleman, to permanently withdraw from NFA membership. IFX is a Commodity Trading Advisor located in Riverside, California. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in November 2009 and a settlement offer submitted by IFX and Coleman in which they neither admitted nor denied the allegations made against them in the Complaint.
The Complaint alleged that IFX failed to uphold high ethical standards by taking out high interest loans to repay earlier loans without a reasonable basis for believing the firm would be able to repay the new loans. Additionally, the Complaint charged that IFX failed to list US Capital Management, Inc. as a principal of the firm and failed to cooperate fully with NFA during the audit of IFX. The Complaint also charged that IFX and Coleman failed to supervise IFX's employees in the conduct of their forex business and operations.
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