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October 06, 2010
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NFA takes emergency enforcement action against Woodland Hills firm Rock Financial Group LLC and its principal, Scott Schaffer
October 6, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Rock Financial Group LLC (RFG) and its principal and associated person, Scott Schaffer. RFG is a Commodity Trading Advisor located in Woodland Hills, California.
NFA issued the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) against RFG and Schaffer based on RFG's and Schaffer's failure to cooperate with NFA in an examination of RFG. Based on their failure to comply, NFA is unable to determine if Schaffer and RFG are engaging in commodity futures activities and are in compliance with NFA requirements. NFA initiated an investigation of RFG based upon a complaint NFA received from an investor who gave RFG and Schaffer $75,000 but has been unable to contact Schaffer since July.
The MRA/ARA prohibits Schaffer and RFG from soliciting or accepting any funds from customers and investors and from soliciting investments for any commodity investment vehicles, or placing any trades on behalf of customers or investors. Schaffer and RFG are also prohibited from disbursing or transferring any funds of customers or investors, over which they exercise control, or participants in any such commodity investment vehicles without prior NFA approval.
The MRA/ARA will remain in effect until such time Schaffer and RFG demonstrate that they are in complete compliance with all NFA requirements. Schaffer and RFG may request a prompt hearing before NFA's Hearing Committee.
The following Compliance staff members are responsible for this case: Alex Kranz (312-781-1475) and Mark Arnold (312-781-1688).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.