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For Immediate Release
September 14, 2011

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

NFA Appeals Committee permanently bars Robert F. Gray from NFA membership

September 14, Chicago - The Appeals Committee of National Futures Association (NFA) has permanently barred Robert F. Gray, a former principal of Forex Liquidity LLC (Forex Liquidity) from NFA membership. Forex Liquidity is a former Futures Commission Merchant and Forex Dealer Member of NFA which is currently under receivership in California.

An NFA Hearing Panel had found that Gray had failed to cooperate with, and provided false and misleading information to NFA, in its investigation of Forex Liquidity's operations, and had failed to supervise the firm's financial condition. Based on these findings, the Hearing Panel imposed a ten-year membership bar on Gray in a Decision issued in December 2010 (see previous press release). The Appeals Committee increased the ten-year bar imposed by the Hearing Panel to a permanent bar from NFA membership. Due to the gravity of Gray's misconduct, the Appeals Committee determined that a permanent bar from NFA membership is a more appropriate penalty.

The complete text of the Appeals Committee's Decision can be viewed on NFA's website (

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