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April 5, 2012
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NFA permanently bars Florida firm Gem International Commodities LLC from NFA Membership and sanctions its principal, Christine Stankoff
April 5, 2012, Chicago - National Futures Association (NFA) has permanently barred Gem International Commodities LLC (GEM), an Introducing Broker Member firm located in Miami, Florida from NFA membership. In addition, NFA has suspended the firm's principal, Christine Stankoff, from NFA membership for a period of three years and ordered her to pay a $10,000 fine to NFA in the event that she reapplies for NFA membership after the three-year period expires. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in March 2012 and a settlement offer submitted by GEM and Stankoff.
The Committee found that GEM and Stankoff failed to observe high standards of commercial honor and just and equitable principles of trade to their customers by recommending trades that appeared to be designed primarily to maximize commissions for GEM and Stankoff. The Committee also found that the firm and its principal failed to disclose to a customer that futures trading may be too risky in light of his age and hearing disability. Finally, the Committee found that GEM failed to comply with NFA's enhanced supervisory requirements.
The complete text of the Complaint and Decision is available on NFA's website (www.nfa.futures.org).
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